More Wholesaling/Assignment questions.... - Posted by Charity

Real Estate Investing
1

Posted by Rick(CA) on January 17, 2001 at 13:04:23:

Charity,

If you have the time, spend some time searching the past archives on this very subject. You’ll find hundreds of similar posts.

However, in answer to your questions, you can get the buyer to give you a check once the contract is assigned and you don’t have to do anything else with the deal. They do the title search, due dilegence, etc. If you are worried about not being able to fulfill a contract, there are two schools of thought in that.

  1. Don’t do it if you aren’t prepared to close (ethics)
  2. Add weasal clauses such as “and/or assigns” or “subject to finding suitable financing or approval of partner”. Things like that. A lot of the pros on here do not recommend, nor use “weasal clauses”. Personally, I think it’s like swimming with water wings, once you get used to the deals you can take em out.

Hope this helps. I of course, humbly defer to the real pros on here and their opinion.

Good luck! I’m truly impressed by your drive and success!

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More Wholesaling/Assignment questions… - Posted by Charity

Posted by Charity on January 17, 2001 at 11:59:34:

When you assign a contract to another investor, do they just write you out a check for the amount you are charging? Do you have to be a part of anything after that (closing, title search, etc.) or is it out of your hands once it’s assigned?

What if you put one under contract and cannot find someone to assign it to? Do you lose the EM or is there some way to have a weasel clause to get out? I am thinking specifically of out of state properties where I won’t be able to go do inspections, etc. Is there a clause that will get me out after so many days if I cannot find someone to flip to?

Thanks!
Charity