OfflineI’m trying to fully understand what it means to lock up a property when assigning a contract. I’m sure of myself that it means I have to sole right to buy the property and then I just assign it to someone else. But do I have to pay the home owner money to lock up the deal? When I have the sole rights to buy the property does that totally stop all other buyers or is there a way someone can get around me having the property locked up? Also is the deal voided if it takes too long for my investor to close?
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I have the same question.
Left side of page click real estate forums,then go to buying foreclosure,reo's and more.and there's 2 places you need to read.
1.)assigning a deal- there's 109 posts
2.)AND/OR ASSIGNS - How to Use It and Get It Accepted there's 193 posts.
Jason S.
San Diego, CA.
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Dean even covers this in the homework video blog he has. The one about finding a hungry realtor to make offers on 25 homes or the follow up video blog on it. You can make an offer with the contingency of putting the earnest deposit down in 30 days to give you time to get your buyer in place. That's the absolute NO risk way of doing it. Now get out there and do it, let's make 2009 our BEST year folks!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
To make a contract binding, you will need to offer something of value. It does not necessarily have to be cash.