OfflineI have made a few posts but no one has answered any of them yet so... I'm trying this avenue. I am going to make an offer today to lock a house up under contract then offer it to an investor Wednesday at an investor meeting. I have a realtor and so does the owner of the house I will be making an offer on. To do an assignment do I need my own contract or do I use my realtors contract and put the and/or assigns next to my name and write in an exit clause (i.e. pending partner's approval)? Also, if it is accepted and my investor also accepts then what next? There are other contracts that have to be signed, right? Do I go to closing and will my realtor still be involved once my investor accepts? This is my first offer, I'm a little nervous that I will do something wrong in the paperwork department. I have read the book and watched the Edge seminar and am very excited and if the offer is accepted I know my investor will jump on it. Thank you in advance, I really appreciate it. -Amanda
"It's better to look back and say 'I did' than to wonder 'What if."
Get your Purchase contract signed using your Realtor,after you get the contract signed,find your buyer and you do an Assignment of contract with the buyer,when you get the assignment contract signed,have your realtor send both Purchase contract and the assignment contract to Escrow and set the closing date.PS you don't need to put and/or assigns on the assignment contract as it is self explanitory.
Hope this helps.
Good Luck & Good Investing
whurndon
Thank you so much. Very helpful. : )
"It's better to look back and say 'I did' than to wonder 'What if."
you read thoroughly your Realtor's contract. If there is an anti-assignability provision clause in it MAKE SURE you strike through it and add the assignment provision to assign so you can. Then you do as whurndon has advised.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
To futher help you understand how to do an assignment of contract,go to youtube and type in Video on assignment of contract,it will show you the exact way to fill out the contract.If you need any help please let us know,we are here to help one another.
Good Luck & Good Investing
whurndon
Hello everyone
Do you need to clear title for assignment of contract or is that the responsibility of the buyer investor you assign to?
Frank Hernandez Jr
With God All Things Are Possible
When you get a seller under contract and you get your buyer on an assignment of contract,you open escrow and the title company will start a title search to make sure the title from the seller is without any liens or judgements against it.If the title to the property is without problems your seller and buyer can close the transaction,if the title has a problem with it,you have the right to cancel the entire transaction and walk away.Hope this helps!
Good Luck & Good Investing
whurndon
Alright, I put the offer in so now we shall see. I think they'll accept it ... that would be so awesome. : ) Well, thanks ya'll, for all of your help. I will keep you posted. Oh, I also added a cash investor to my buyers list today. That gives me 4 cash investors so far and tomorrow I will finish my business cards and print them out.
-Amanda : )
"It's better to look back and say 'I did' than to wonder 'What if."
-Amanda : )
You are doing great! Pls keep us posted
I've learned so much from this.
The race isn't given to the swift, but to those who'll endure to the end.
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Thanks for that bit of information, very enlightening. God Bless.
Sandra
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