Posted by chris-atl on October 28, 2003 at 06:44:18:
If it is a quick flip, you won’t actually take ownership. You are in essence selling your right to purchase the property to another person for a fee. The terms and price of the sale with the seller are set, and you are just selling your right for a markup, called your assignment fee. To sell your right, you would use an instrument called an Assignment of Purchase and Sale Agreement. You can find one here: http://www.dealmakerscafe.com/forms/
If you have identified a property to flip, have agreed to a downpayment and terms with the owner, WHAT mechanism(s) do you use so that you can sell the property to YOUR buyer?
Another words, how do you temporarily take ownership of the property to sell (aside from using another source of funds to pay off the seller first)so that a) you can sell the flipped home; and b) pay off your seller?