Posted by Pat on March 15, 2006 at 20:42:52:
As far as I know all contracts are assignable; check with your state statutes however, as there may be some differences and or special requirements. For instance, in my state (Maine), all contracts are assignable but the assignor is still responsible for executing the contract. This means if I flip a contract to someone else and he doesn’t perform, I’m on the hook for the deal.If that’s the case in your state, you’d better be sure of who you’re dealing with.
As for showing the property: Make sure the issue is addressed in the contract with the seller. Introduce the one’s you show it to as “potential partners” who are thinking of going in on the buy with you.Technically, they are. I’ve never had an issue (even with brokers involved) doing this. If a broker is involved, you can count on him or her insisting on being present for the showing(s).
Make sure you have your buyer(s) lined up ahead of time as the clock starts ticking from the effective date. If you don’t have someone lined up it is doubtful you’ll get someone within the time allotted by contract unless you give yourself the time in the contract.