Posted by JPiper on January 27, 2000 at 18:49:55:
You can use either method…whichever you’re most comfortable with. Some people believe that if you have a large profit that it’s better to use the simultaneous close.
JPiper
Question on a flip - Posted by Cristy
Posted by Cristy on January 27, 2000 at 18:26:35:
I have a contract with a seller on a property that I’m going to flip to an investor who is going to pay cash. The title company that I contacted about this said that I need to have 2 contracts. One with me buying the property and another from me selling to the investor. This seems to be easier than assigning the contract to the investor being that I’ll be bying it for a lot less than what he’s offering. Is this the correct procedure or do I assign the contract?
Thanks in advance for all of your suggestions…
Re: Question on a flip - Posted by SCook85
Posted by SCook85 on January 28, 2000 at 06:47:05:
Cristy,
You don’t HAVE to have 2 contracts. A simple assignment form which states the consideration that the investor is paying you to take over your contract is all that is necessary. Perhaps the title company you are working with is not familiar with them. I’ve seen that happen many times. Using 2 contracts will work as well but it will cost you more to do the deal. If you have a lot of profit I would probably just move forward the way that you are.
Happy Investing!
Steve