OfflineHello everyone 
I have been learning from the forums about contracts all day, however there is a question that I couldn't find an answer for.
I realize that it is best to have a Buyers' List already compiled, with cash buyers prioritized. I know that when a person is buying with a loan we use the Instant Equity Exchange scenario, and when an person has cash, we do an Assignment scenario. What happens if we lock up a contract as an assignment, for example, but it turns out the buyer for this property needs a loan? Is there any way around this, contract-wise? Do we need to find someone else with cash, to satisfy the contract already drawn up, or can the contracts be re-done somehow to make it work?
Thank you in advance for clearing this up!
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IEE's are difficult and bring their own complexities to the table. Keep it simple and work with Cash Buyers.
Lenders don't like (most of the time will not allow) a third party involved in the purchase. They will require your Buyers name on the purchase contract. It is possible to change the contract and put it in your Buyers name (if you have a willing Seller) then have your Buyer pay you a "Finder's Fee" that is outside of the contract. It gets a little sensitive when you are backtracking things like that and is not worth that hassle. When a "Lender" is involved - you're giving up control of the transaction. Now you have to play by their rules.
That is why we strongly recommend to stick with Cash Buyers. Keep it simple.
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Thank you for the response. I totally agree, after further researching and honing in on what I will focus on: wholesaling by assignment and double closings- sounds like the best way, especially as a Beginner
I bow to your true self... the deeper, more essential you; the self less connected to ego, social expectations, and pretensions. I honor the place within you where the entire Universe resides... I honor the place within you of love, of light, of truth, of peace. I honor the place within you, where, when you are in that place in you, and I am in that place in me, We are One. ~Namaste~
My DG Journal: http://tinyurl.com/c382b5k