Obviously I like to spend as little money as possible on a property but without this wholesaler assigning the contract to me, I would not have found this terrific property.
When you enter into a contract without “ and or assigns ” your only option is for you to purchase the property as the contract states.
If you are the assigning party, you add a fee into the transaction so you get paid as the dealmaker between the seller and buyer.
There are no added expenses on your end because you are getting paid a fee that is specified in the contract, and agreed to by the seller and buyer.
Not informing the seller ahead of time your intent to assign the contract to someone else may cause major problems with the seller if feel they were misled or deceived.
As in the case stated above with my most recent property, the person assigning me the contract is making 00 on this one transaction.If you used a realtor for this deal, ,000 would go to them.A wholesaler’s transaction fee of 00 does not sound all that bad.By adding “ and or assigns ” after your name as the buyer, you now have the rights to lease, rent, repair, assign, or sell the property for profit.You can even go through with the purchase as originally intended with you is the buyer and not do any assigning.The first document will be your purchase from the seller and the second would be your sale to a buyer.If you purchase a property for 0,000 and use a realtor, more than likely you will be charged 3% for the realtor representing you as the buyer’s agent.If you find a property that a sellers willing to sell the property for 0,000, you turn around and market it for sale to an investor for 0,000, the difference is yours as an assignment fee.Depending on what the buyer and seller agree with you is an adequate assignment the, you could make a lot of money.Your only option is for you to go through with the purchase of the property yourself.“The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his or her obligation to complete the terms and conditions of this contract should be assigning default.”Because I am a buy-and-hold investor, I usually am in the receiving end of an assignment contract.The person I am receiving the assignment from will make 00 from the assignment of the contract to me.