Can I Assign an Assign?

I would ask the title company that will be doing the closing whether a re-assignment is acceptable. It is legal to do so but the title company may have policies against it.

In one of the pevious post there was a example of a 60 thousand dollar sale resold for 80 thousand to a new buyer. The closing both took place the same day with the same title company. The 60 thousand had 10% down, so the difference was 54 thousand owed. With me being tha assignee, how is the seller paid by me the assignee prior to re-selling it to the 80 thousand dollar buyer I found for the property? How does the transaction take place if I phsically have no funds?

Hey there all.
I have 2 questions, first off, does the sample real estate purchase contract that dean offers on his site include what you would call an Assignment clause? Secondly what % off of the FMV would be considered a wholesale property price to offer to another inverter?

You are looking at a double or simultaneous closing, not an assignment. There would be two separate contracts. Seller-Investor and Investor-Buyer. The title company who hanldes all the funds would likely require Buyer to have their funds in the hands of the title company before closing the first deal between Seller-Investor. The title company knows they have the money and are "loaning" the money to the Investor for the few minutes it takes to complete the second closing between Investor-Buyer.

Question on assignment. There isn't anything special required in the contract. In the section of the contract the buyer section would be completed to read: John Buyer and/or his assigns" for example. That gives John Buyer the right to buy the property himself or assign it to someone else.
The price to offer the investor will depend on the investor and the condition of the property. Most investors will be able to tell you what they would consider a workable deal.

Thanks so much for your response! Continued success.....Lubertha

Thanks official coach for the verbage on assigns, and 2nd assigns. Chuck

To anyone that can answer this question for me

Do I have to have a deposit down in order to LOCK UP the property. Because, there are 15 sellers that might be a good potential and I dont have any money to put up right now. What do I do if that happens

Thanks--Jason

Hi Jason, as long as it is not an REO Property,you can use an Option Contract with the seller and put $10.00 down to lock up the property.Hope this helps !

Good Luck & Good Investing

whurndon

Thanks whurndon for your help

Hi,

I have two prospective deals that are already under contract with an investor. he is looking to assign his deal to another investor. I have an end buyer ready to buy. Do I need to have a title company or attorney draw up another contract between me and the end buyer and how will this work as a win-win for the investor the seller, me and the BUYER?

Steven

Ready for action!

I too would like to know more about the option contract. If I am dealing with a FSBO for example, I would guess I would use an option contract if I am assigning the property instead of using an offer to purchase contract.

Help??

I have two guys who are wholesalers themselves looking to get me to help them sell the homes they have. They don't own the homes, but they have them under contract already. They would like my help and we would split the assignment fees for the properties. Does anyone know how to this works like what kind of contracts i would need to protect myself and get paid? I dont know what to do in this situation.

or use an attorney to draft the agreement between you and the other parties. Or you and all whose involved can draft the agreement between yourselves and have someone sign as a witness to the agreement, then go get an attorney to review it for you.

Hey everyone, I am new to this and I found a Marketing Consultant Agreement to do an auction for a owner. I filled it out and I also have my realtor look it over. She is telling me that I can not do it because I made up the form. Have you guys had this issue before?

She doesn't know what she's talking about go for it

I suggest getting a lawyer to look over the contract for you.

Hi Lubertha, my name is Sharon I am a newbie. I also am thinking to do assignments I have yet to complete an assignment But I am working towards it. I have a question. What is the longest time you are allowed to assign an assignment after you have a seller willing to sell?

Hi all,

I was wondering if anyone has any advice to acquiring property from other wholesalers who have property under contract. I have buyers that are suitable for these properties but am unsure how to get a cut of the profits? Would I do a non-circumvent with both buyer and the wholesaler? Would I do a double closing and cut into the profits? Has anyone had success working together with the other wholesaler to split the profits and if so were there contracts involved? A lot of questions I know
Any and all feedback is valuable.

Here's hoping to a successful January - Cheers.

You are limited the number of days you negotiate on the offer. If you put in an inspection clause with 15 days for inspection, you need to find a buyer within that period or you are committed to go forward on the deal. The number of days will depend on what the offer said when it was accepted by the seller. The assignment to the cash buyer means the buyer will have to execute the contract (offer) you created just as you would have to. I refer you to Dean's Assignment of Contract from the Forms and Docs section:

"Assignee agrees to fulfill all terms, conditions, and contingencies of
said Contract and to perform as required in good faith and within any time
periods established by said Contract this _____day of _____________,
20_____."

Hope this helps.

Thanks for the message. I really like the quote that your teach gave. On the money issue I would always try without the earnest money to the seller. Most of the time that doesn't work but a hard money team can lend you the money. The hard money company is insiderscash.com. Good Luck!

In order to collect a finder's fee an agreement has to be sign by both parties or is it necessary to get it notarize to make it legal, otherwise you can collect a fee as long as you have it disclose in writing.

You can always have the option to double close. In that case you just write up a contract between you and the end buyer, you have a contract between the seller and yourself. You can use a company like Coastal Funding to fund the first transaction.

Check with the title company or an attorney.

Lets say that I lock a property under-contract for 20 day. I then try to locate an end-buyer for the property and all my buyers are busy with other deals or whatever. AS a result the 20 days window or time limit is up. Can i walk away from this deal or am I forced to face some consequences. if so, is there any ways to avoid penalties at this point?. Thank you.

Vick.

I have been successful assigning and assigned property. That may sound confusing, but ya, I've done it and made 10K as well.

I put a property under contract from an investor that was assigning the deal to me. there was still a lot of equity still in the property so I then re-sold it to another investor for a $10 profit. Everybody made money and the original seller sold their property. Also my buyer got a great deal on the property I sold him.

There are deals all around us, we don't know when it will surface, but when it does we want to be the one to grab it.

I have not done multiple assigns myself but I have seen them happen. I have hear of 4 assignments in 1 deal before. As long as there is still equity we should be able to do that.

I would hope that if assigning was illegal in any state that Dean or his staff would disclose that somewhere.

I've been looking over the contracts and such in the Documents Section here at this site, and I don't really see where assignment is clearly addressed in the contracts accept to say that there is an an assignor and an assignee (not a word) in the contract.

It's important to remember who is which, too, of course. As in anything, the "or" gives to the "ee", like a mortgagor (bank, finance company) gives a mortgage to a mortgagee (borrower).

Best way to do this is to just get a fee agreement with the guy who has the assignment and have them pay you directly. Just make sure you know the title company the deal is closing at and that they get your contract. That way there is only one assignment contract it will just be increased to accommodate your fees.

Hope this helps.

D

Confer with your title company on this. See if they will allow a reassignment and that will probably put it to rest real quick!

They are legal to do its just a matter of your Title company or search for one that has done them. A double close will work as well.

Randy Bailiff
Dean Graziosi Investment and Life Coach