OfflineI have had a house fall into my lap and I'm not sure which contract I should use An Agreement to purchase or an Assignment of contract? I do not want to buy the house for my self I want the right to sale it any advice would be helpful Thanks
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Karyn S
Use a regualr purchase contract and put in your escape clause. Then do an assignment of contract with your end buyer. If there is enough meat on the bone to make it worth while' you can do a double closing.
DO your due Diligence first.
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Richie
Be sure to also have your "and/or assigns" after your name.
Karen
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Karen
Hi Karen,
Is this for all the contracts even the Offer Form?
www.PrivateREI.com
ESPECIALLY the offer form, also known as the Purchase Agreement (PA). Otherwise, you cannot assign it to your end buyer.
Then, after you get the prop under contract, you simply assign it to end buyer with your Assignment Agreement and he/she will take your position as the buyer and pay you an assignment fee for doing so. You do not put and/or assigns on the Assignment Agreement.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Karen,
this is why I get confused.
Isn't the offer form not the same as the P&S agreement form?
www.PrivateREI.com
Purchase Agreement, Purchase & Sell Agreement, Offer Form, they all refer to the the contract that buyer and seller sign to lock up (put under contract) a property.
Valerie
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As Val says, those are different names used for same type of contract. The Assignment Agreement is a separate form.
When you initially put the prop under contract with seller you only use the PA (or P&A or Offer Form, same thing)
When you find a buyer who is taking over your position in the contract, you only use the Assignment Form and then give them (buyer) a copy of your original contract and get your ck for selling them the rights to assume your position in the contract.
REMEMBER, VERY IMPORTANT!!! You are selling them the contract, not the property! That is why you do not have to be licensed to do this.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
So All i need is an Purchase Contract then i would use an Assignment of Contract to wholesale it to my buyer?
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Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
See, it is actually very simple.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
And what about an bulk REO ?...Being through an realtor?
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
https://librivox.org/the-autobigraphy-of-benjamin-franklin-ed-by-frank-w...
wow this is a good question, I'm assuming the same way, realtor rights the contract with your offer you listed on it as the buyer with and or assigns after your name and if your end buyer is buying one or all the bulk reo then, sign an assignment of contract with him!
hope this is right, but if not I too would like to know this.
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for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
When putting offers on REO properties, you should realize that most lenders will not accept an assignment of contract. Some do but most do not. A way around this is to skip the assignment of contract and put a contingency the requires investor approval within X days. This would be in addition to the satisfactory inspection contingency (which you can also put "satisfactory investor's inspection).