Contracts? Which do you use

Well it depends on whether you are doing a double closing or assignment.

As I understand, if you are doing an assignment and that is permitted by the contract you have on the property, then you would just do an assignment of contract agreement with your buyer and both contracts go to the title company at closing and you will be payed your $$$

Does anyone here prefer double closings? I was considering it but I just think the assignment will work I'm being up front with buyer and seller I have no worries. It's a lot easier because all I need is my original purchase agreement and the assignment agreement

If both buyer and seller are aware of all the figures up front an assignment is the easiest. Does your original contract say "and/or assigns" or have a clause saying "this contract may be assigned"? If so, then you are set.

Double closing is a good way to go if you do not want them to know what you paid in the first place and the amount of profit you are making.

I am so glad you didn't quit last week! I guess you are feeling the same way!

Karen

Generally a double closing will cut into your profits more as you'll be both buyer and seller (buyer in first and seller in second closings). Where with an assignment you get paid for stepping out of the contract and that's it, usually. A lot of conditions can be tweaked in your contracts and agreements to make everybody happy or comfortable in the deal.
A general rule of thumb is assignments if your profit is approximately $10,000 or less and double close if it's more than that.
Only you can determine what needs to be done for your particular transaction. Some buyers won't flinch at paying you say $25k for an assignment while others of the scarcity type mindset will be enraged that you're making say $7000. (doesn't usually happen, but there are those types out there).
If you're assigning you usually sign the assignment agreement with the buyer, give them a copy of it and a copy of the contract between you and the seller. The buyer pays you the assignment fee then and there and that's pretty much it. In my area that's how it goes as there is no "roundtable" closings unless banks are involved.

@Karen yes i am very glad i didn't quit and the thing i had to realize it wasn't my wholesaling careen bothering me it was the stress of other things and not having support of friends and family but you know its becoming my fuel! the more friends I loose yea loose over me doing this and the more friends I have that hate what i'm doing they are only fueling a fire that may burn out of control!
and yea my contract is properly worded. I am using contacts I got off Steph Davis's site she is a wholesaler i get inspiration from her and her contract has and or assigns typed in so works great. her contracts are nice and easy to use. and thanks for your kind words.

@mark I like the strategy anything over 10k double close. i will keep that in mind and thanks for responding.

when i assign the contract should I give my end buyer a copy of the original contract between me and the original seller? I am planning on giving a copy but wasnt sure?

Thanks, Sam

Yes, give the buyer the copies. (see the last paragraph in Mark's answer)

I was at a class last Sat and the guy wholesaled 1500 props last yr and 1500 the yr before that. He said he has the buyer meet him in the parking lot of his (buyer) bank to sign sign the assignment contract. He meets there because the bank will have a notary--so he has the signatures notarized and has the buyer give him his cash assignment fee or a cashiers ck right then and there. He never waits for escrow.

Karen