Posted by Randy on August 18, 2003 at 16:00:18:
Standard Purchase Agreement with ?and or assigns? after your name as buyer. Then when you find a person to flip it to, you have two options (a) Assign your contract to the new buyer for an assignment fee. (b) Initiate a sales contract to your new buyer with the same closing date as the purchase contract. The challenge is finding a lender that will allow this transaction, most will not.
Contracts to flip property - Posted by Patrick Malone
Posted by Patrick Malone on August 18, 2003 at 14:31:24:
What contract do I need to tie up a property that I would like to flip at retail? My neighbor is selling his home valued at 165K, not sure what he wants for it yet. But I know he is motivated because his ex wife keeps harrasing him for her share of the money. I would like to make a low ball offer for like $130, get it under contract and do a quick flip for like $145 or so. What do I need to do to get this under contract and will there be any money coming out of my pocket?
Thanks,
Patrick Malone
patrick_m_malone@yahoo.com