Posted by Joe Kaiser on March 18, 2006 at 20:06:16:
"Don’t write the deal if you can’t close yourself if a buyer is not found. "
Wherever did you get this idea?
Joe
Assignable contracts - Posted by Austin VanScoyk
Posted by Austin VanScoyk on March 18, 2006 at 13:29:00:
hey everybody,
I have a situation to lay on you, I have found a farmer who wants to sell 14 acres of raw land for 30,000 an acre. the land is easily worth 40 an acre and possibly 45. i dont have the cash to do the deal but I would like to get it under contract with put a contingency that would allow me to assign the contract before closing. My question is what is the easiest and most clean cut way to assign this contract to another investor for the market value of 40-45K and not tick off the farmer big time?
any help is appreciated,
Austin
let 'em know upfront - Posted by lukeNC
Posted by lukeNC on March 19, 2006 at 10:42:24:
I’d let the seller know upfront what your plans are. If they are really motivated, they’ll have no problem.
If they are ok with that, go ahead and make your contract fully assignable.
If you dont and they get upset and try to cut you out of your deal, you dont have the money to hire an attorney to protect your interest.
Re: Assignable contracts - Posted by John
Posted by John on March 18, 2006 at 19:35:13:
This is what has me concerned, " i dont have the cash to do the deal but I would like to get it under contract with put a contingency that would allow me to assign the contract before closing."
What happens if you can’t find a buyer? How are you going to close?
Don’t write the deal if you can’t close yourself if a buyer is not found.