assignment contract

Make sure you explain to them that you will be closing quickly. Some time a few days after the 30th. You have to lock in a buyer for sure. You have several offers and want to make sure who ever gets it WILL close. Therefore the earnest money is non-refundable! That will pre qualify your buyer then and there! No need to ask for POF or if he has funding! If he does not have funding he ain't going to put up any non refundable earnest! If he is an active investor and is committed to closing on the property, a non refundable earnest money check will not matter, he will understand your position 100%. This separates the BS from the buyer in an instant! Also, tell him the next deal you do you won't ask for a non refundable deposit. Put that out to all of your buyers! Sell price, earnest amount and first come first served !! Remember you must be able to show them how they are going to make money.

Good luck and way to take action!!!
Michael Mangham
MD Home Acquisitions LLC

I did already let him know that I needed a quick sale. But if he buys my contract, he still puts down earnest money?
My agent told me, as I spoke to him very briefly tonight, that I should be sure he has the ability for funding.
The man is helping his daughter who wants to move back to that neighborhood.
So would I just assign to him the contract if he isn't an investor?
The owner knows what I am doing, and I did tell this man that I decided not to keep it, just want to assign it out.
Is that what I do? And I will let him know I have had several calls already.
Now I did put down $500 earnest money, haven't yet, have 5 days from signing the accepted offer for my earnest money. And when I would buy a place, that earnest money just goes towards the purchase, right? Then when I assign, do I lose that money, and would think about that when I put out my price to retrieve that back...Never did this before with a contract with an agent.
Thanks
Sandi

Sandi

If he's looking to get his daughter here he probably has the money.If he does not have a problem with the non refundable earnest deposit,you don't have a problem. You should be covering your deposit in your sale price.

Good Job and good luck
Jim Kendrick

I wasn't real sure how that would work, so when I advertised the home on craiglist, I needed anything I could make asap, so I put $1000 over what I had offerred. Then as I thought about this more, I went back and put it $2000 over, so I would have enough...glad I did.
This house is in an excellent area for Milw or Chicago. And a huge part of me wanted to fix it up and flip it, very nice house..
But I need money no matter how small, like yesteday, so was hoping this would be the answer.
Thanks for the info
Sandi

When I speak to the interested people, and I need to let them know, which I did to this man already, that I am reassigning it, could he drag his feet on the deal, then if I don't get rid of it and use my exit, could he than try to put in an offer for cheaper than what I asked, and offer the seller what I originally offerred. Do you understand what I am asking...could someone say no to me, then go back later and get it for less than what I asked, from the seller.

Just spoke again to the people interested in my house. Their only concern is how far to the interstate, they wanted 2 miles, this house is about 7 miles.
They are going to look at it, other good news, they can pay cash!!
So I'm praying they will like it, it would give them at least $35,000 or more in equity.
Thanks for your help with my questions, didn't want to talk further with them till I was sure of what I was doing.
These posts really help out, I am so glad that we can get info when we need it.
Sandi

You solve the problems about some one changing their minds or trying to get to your buyer by putting the property under contract. A signed and legal document (an assignable one!) Assign the contract to your buyer using an assignment of contract. Put your non refundable earnest in this contract. The earnest applies to the purchase price, you will be credited your earnest money back at closing and so will your buyer.

Good luck, you are getting there!
Michael Mangham
MD Home Acquisitions LLC

Thanks, can't wait to see this through. If it doesn't, well I learned a lot now and looking forward to doing this again.
Thanks
Sandi

Also, if i am correct, in a built in clause in regard to earnest money you can state "earnest money to be deposited of time when buyer de-cognates" What do you guys think?
Thanks
Artem

Korban that is a good question, and I'm sure someone will answer that.
just plan-e, forgot about that, but reminding them that I have had several calls and others wanting to see it, will help if they are really interested.
I still think this was a good deal, for fixing or assigning it to another investor. The house has perfect location and was not damaged or neglected. They were handicapped and still kept up pretty well.
So my only problem now is time and with the holiday, doesn't help me.
Just praying this works! If not, this was actually fun to do and I am enjoying this learning!
Thanks everyone!
Sandi