Where do I get an Assignment of Contract?

Look at Dean's student resources, and click on froms and docs. You can download an assignment of contract there. You might want an attorney to make sure you protect yourself. I don't think one is necessary in this case tho, just make sure you have escape clauses if you can't pass it to your end buyer. Good luck and keep us posted.

Jeremy

When doing an assignment offer, Dean recommends using an attorney as oppose to an title company. An attorney has the authority to make changes if needed! Continued success.........Lubertha

But what is I don't have money for an attorney (which i really don't). Can the attorney charge me a percentage from the profit I make? If not then i simply cannot just quit or struggle, there must be a way. Also do i contact a Real Estate attorney or a Real Estate "Transactional" attorney (Which a lot of people from what I know of haven't heard of it)?.

Regards,
Fabian G.

The end buyer pays the closing cost, attorney fees. Because they are the ones actually buying the home. You should have a real estate attorney in mind. Try calling a few in your area or use the suggestion of a real estate agent. They sholud be able to direct you to a few of them. Continued success........Lubertha

If I were to find a home that the FMW is 150,000 and put it under contract at 90k and assign it to the end (CASH) buyer at 110k, the buyer pays the full 110k plus my 20k profit? That sounds like a lot just for me finding a deal. Or would this be considered a double close? I get confused. Please reply as soon as possible.

Regards
Fabian

the profit you make is what ever you and the seller agree on. So it could be. Assignments and double closings are two totally different strategies. A assignment offer is just you selling your interest to the offer for a fee. There is no actual purchase on your behalf. You given the right from the seller while under an agreement with them to find a end buyer for the property. You may transfer your interest once you find them. A double closing can give you greater profits. Your actually purchasing the property from the seller and turn arund and sell it to another buyer to close on the same day you close with the seller. Hopefully a cash buyer or cash investor for a profit. So you could buy it for fifty and the FMV is 150 and you sell it for 100 then there is a 50 thousand dollar profit, This is just an example. Of courses you consider other fees in this. But the profit margin can be great. There are companies such as coastal-funding.com that will advance monies to close for 1 day for a fee. Deans book talks about assignments and different strategy in great length in chapter 8. Continued success......Lubertha

Not to get too far off topic, but I have a question about double closings. I believe I read somewhere that if a double closing can be timed right you don't even need to have the money to do a double closing on the same day because the title company doesn't do any of the transfers until the end of the day. Is this true or is this something I made up? lol

when using the "assignment of contract" strategy, do you first have to qualify for the loan of the property you're planning to assign? Thanks for any info possible!

Jeff(eagle investment properties, inc) Washington

Hi Jeff,
There is no loan that you are obtaining with an assignment offer. The end buyer is the person purchasing. Your selling your interest in the property with an agreement sign by the seller. Much success to you.......Lubertha

I have my first property under contract and I am shopping it to my buyers. I am a bit confused on the steps it takes to have my buyer close on the property. I just found out from PMI (coaching) that you do not need an Assignment of Contract form to close. I was told that as long as "and/or assigns" are present, then that allows you to assign the contract. I was told that I have to write up another sales contract between my buyer and myself in order to sell him the property/rights. My Realtor said that I would only need an Assignment of Contract sheet along with the sales contract between the seller and myself. Can anyone clarify this? Please!

You mentioned that you can have an attorney close and have your buyer pay him closing. I met with an attorney last week who said he charged between $700_$1,000 to do a closing. This is more then a title company would charge. What makes you think that my buyer would be ok with paying a greater closing fee? Just curious. Thanks!

if any thing arises legal wise the Title company is not allow to give legal advise. They may have a RE attorney among their staff but they are really there to cover the Title company's behind not yours nor your buyers. Shop around different RE attorneys charge different rates to handle a closing.

Attorney's can range just like any other service on the high end or low. So I would compare prices here also. Continued success.........Lubertha

Attorney's can range just like any other service on the high end or low. So I would compare prices here also. Continued success.........Lubertha

What is a good exit clause to use when you are assigning houses? I don't want to have to put up earnest money nor do I want to pay it if I am unable to follow through in my 30 day contract..I know this is possible I've seen someone say it somewhere around here I just need to know how to say it in my contract?.. please advise me!!! lol

"Offer contingent upon verification of buyer's estimated repairs by buyer's contractor". There's a few out there , just do a search.