Purchase option is assignable without consent, but there can still be a fight

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View all Local Real Estate forums. I've been doing some research and came across something called the Assignable Purchase Option Contract. I believe it allows me to find properties in distress and get the owner to sell his property at a certain price and then I take that contract to a buyer or investor and sell him the contract for X amount of dollars.

If a home with a k market value and the owner sells it to me for 50k. I can take that contract to an investor and sell him the contract for 6k, that means I give him my right to buy the house at 50k. That debts are personal and assignable purchase option contracts real estate credit worthiness of the investor is not known and cannot be assigned in this manner.

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Real Assignable purchase option contracts real estate Books Shop books covering real estate investing and personal finance. Real Estate Forms Leases and other legal documents for landlords. Log In Sign up. So unless cash was being paid by the investor I cannot assign the contract over to the investor.

How would I assign these contracts if the investor was using traditional financing. Free eBook from BiggerPockets! Download the eBook Now. Log in Sign up. Log in Email Password Forgot password?

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These are some sample contracts that I would use, but I would suggest running these by your real estate attorney to see what they say before you use them. Lets say that one member have the buyer but needs funds, the other memeber have the funds, how this work? Thanks for sharing your file attachments. What does "8 Legal consideration for this agreement is ten dollars Who is paying the ten dollars?

And why is this legal consideration needed since this is not part of the earnest money? Lease Option or Purchase Agreement? You can pay it and have your end buyer reimburse you is you want. It drops the purchase price as well. The simple 1 page contracts, personally. They're simple to understand, and it doesn't confuse the seller. The title company will know what to do with all the paperwork.

Both of you would be getting your fees, and the end buyer will be buying the property. Unless there's another way to handle this transaction, I hope it helps you. Thanks for posting these contracts and explaining the use of each for different situations. I am currently in the process of completing my first assignment and I am very nervous because I was in doubt that I had all the paperwork neccessary.

I do have a question when dealing with realtors and assigning REOs, would you use the same contracts or is there a different set. I understand in order to complete an assignment of an REO you have to do a back to back closing. Like Dallas said, have your attorney look these over. They are nice but somewhat generic. Every one of them had something that I would add. They are great to look over and give you a general idea of what the contracts should look like.

Check them out in your state. OK guys, you have an idea about contracts. Now learn what you really need to be paying attention to.

Finding, evaluating and putting REAL deals under contract and executing your exit strategy. If you don't know how to do this all the contracts in the world will do you no good. This is the hard part of this business, not the contract! Jcharles, When offering on a REO the realtor will supply the contract, not you. For your offer to be considered you will need proof of funds and a copy of the earnest money check with each offer, No weasel contingencies or the lender will reject the offer these days.

You must have a buyer in place to close these deals double closing, not assignment If the lender accepts your offer, earnest money is due within 48 hours in most cases. Check out my TF site below and watch the presentation.

Has a pretty good explanation of the process. It is likely that banks whom short sales are purchased from will only accept the state approved forms, like those from the Texas Real Commission in my state. Realtors are the only people that have access to those. However, if you can find a bank that will accept others, they will need to approved by an attorney, and the forms should state so. Find comps, private lenders and cash buyers nationwide: Foreclosure and pre-foreclosure search engine: The People Helping People Movement: I figured at least they could be a starting point for someone.

It is a starting point for modification to your specific situation. At least the attorney will have ideas and can help you from there. Thanks, thishousebuyer for all the downloads of forms!

Those will be a great help for me when I really get going!! Subscribe to our RSS feed to get the latest articles, forum posts and news from our site. Any Sample Contract or Agreement for short sale? Login to post comments. Thank you thank you thank you! Thank You for sharing this amazing information. It will make my life a whole lot easier.

Hello there "Thanks for Sharing" PRO Foreclosure and pre-foreclosure search engine: Thank you for Helping us to Learn the System.

Thank, Wening Success and nothing Less! HI There, Thanks for the contracts and thanks for sharing. It makes more possible with less. Dan The Brit in Germany. We don't offer tax, accounting, financial or legal advice. Before doing any real estate transaction, you should consult your own accounting, legal and tax advisors to evaluate the risks, consequences and suitability of that transaction.

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