Assignment contract ^_^

No We don;t have to be there as long as we get all the paper work signed a head of time.

Donald Myers
Myers Real Estate Solutions,LLC.
(845)206-9214

Another way to make money in real estate investing without using any of your own money is to use assignments. It's not a complicated process, but does require that you have your buyer lined up prior to locking yourself into a purchase contract. You're going to actually make your deal with the seller and write up a purchase contract. The contract will indicate that the Buyer is "Your Name and/or Assigns."

This allows you to assign the contract to someone else, your buyer, without any further consent of the seller. They must be a cash buyer, but that's normally the case when you're doing these kind of deals. The seller will just be informed that your buyer is now the buyer, and that the transaction will proceed as normal according to the purchase contract terms.

Another consideration when assigning deals is the earnest money deposit you give the seller. This money is deposited with the title company handling the closing, and you'll not get that refunded. It will transfer to your buyer. So, you'll want to keep this amount as low as possible, as there is still some risk that the deal will not close.

If you regularly work with investor buyers, you may be able to actually get your fee when you do the assignment of the contract over to them, and not have to wait until closing. However, you may be paid when the deal closes. Of course, if you're well-aligned with certain buyers, and can describe the deal to them and get a verbal commitment, you may be able to also get the earnest money up front before you lock up the home.

Randy Bailiff
Dean Graziosi Investment and Life Coach

It's okay to do assignment with every houses such as Bank owned, forecloses and all others?