Is this legal and doable? - Posted by Michael

Posted by John Merchant on July 20, 2007 at 10:32:48:

Since anybody can sell anything he already owns, yes.

Once you get written & signed “right to buy” agreement (option) for certain price, terms, etc. and it’s assignable to YOUR buyer, then yes, you can sell it for any price you want.

I don’t recall whether TX law says that a RE contract is assignable unless specifically prohibited, or is NOT unless specifically permitted, I’d just include a clause in your REC spelling out that you have the right to assign the REC to anybody you may choose for whatever price you and your buyer might agree upon.

Is this legal and doable? - Posted by Michael

Posted by Michael on July 20, 2007 at 08:43:34:

Hi again…I have been pondering this for a few weeks, but unsure as to whether I wanted to bring it up…I have absolutely no working capital, and my credit lingers around 640…I have been looking at a few things on eBay, as well as real estate. If anyone is familiar with Jackie Lange from TX and her flipping process, she recommends bird-dogging and only flipping at first to rehabbers for say, $3000 over the price you negotiated with the seller, and holding them on a “and/or assigns” contract that you sell to your buyer.

After all that, this is my question…could you get a seller under contract with the and/or assigns and put the contract for sell on eBay, so that you are selling the eBay buyer the contract for a few thousand and they then can buy the property? Is it legal? Just checking.

Thank you all for dealing with these newbie questions, and I appreciate any information you are willing to share.