OfflineI am a fairly new Realtor in Pittsburgh, PA.. I am working with some investors who want to assign their contracts. They are putting many offers in on houses, but are getting turned down due to this. Assignments are a very new thing to me and I cannot get much help from my broker either as this practice is pretty rare and finding even a closing company that will take on a "double closing" is very hard. on the PA sales agreement, we need to have sellers consent to assignment, so buyer put wording as such "offer contingent upon buyers ability to re-assign" Is there maybe a standard addendum or request for assignment letter to the sellers that I might be able to use on the offer? Any help would be greatly appreciated.
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Assignment of contract does not require a double closing. The person on the contract (your investor) assigns the accepted contract from you(your seller) to his buyer and his buyer goes to the closing instead of your investor. Your investor makes a fee for assigning the contract to his buyer.
I think that the contract is either an assignable contract or it is non assignable. The contract simply states that the contract is or is not assignable.
I understand why your broker would shy away from someone so inexperienced that he would plainly state that he has no money or ability to close and has to find some one else. He does not even have his buyers lined up. Just winging it trying to get a contract and then find a buyer. These guys are wasting your time. Tell them to come back when they know what they are doing!! What seller would want to sign a contract with some one that has no money or a buyer lined up in advance?? So you would think of presenting an offer to your seller that says buyer has no money, will try to find his own buyer and if he can't the deal is canceled??
Michael Mangham
MD Home Acquisitions LLC
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In response to your wording on the purchase contract, I've known it to be: "your buyer's name and or assigns". That would mean that if he did not assign it, he (the buyer) would purchase the property. The seller would know that the sale would go through either way. Good Luck!
Hi there...just responding to your post as I see you like the Pgh market. More info??