Question about assignment of contracts - Posted by J

Real Estate Investing Real Estate Financing
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Posted by Charles Parrish on March 10, 2006 at 24:28:43:

Sure, you can assign your contract. Make sure your contract has the right to assign (if possible, insert a release of liability in the event the contract is assigned) Ask for all of your assignment fees up front, not at settlement. Try to get paid first. If that is not possible, get as much as you can, the balance will be paid at time of settlement and will be on the HUD 1 as an assignment fee. Make sure you notify the settlement company of your payment. They will pay it to you or you can attend settlement.

Charles Parrish

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Question about assignment of contracts - Posted by J

Posted by J on March 08, 2006 at 11:53:58:

I am curious as to if this is doable and how it is generally done. If i find a property at below market and at the same time find someone that is willing to pay a higher price for it, can I go into contract for the original price than assign the contract to the new buyer at a higher price. Is this allowable and if not is there any alternative other than waiting until the first purchase is completed?