Assigning A Purchse Agreement
Can someone please go into more detail with me about assigning a purchase. I know the basics - I put a contract on a house and sell my interest to someone else for more than my contract is. However, I would like to know if you need a license to do this? Also, do I have to have a buyer ready when I put the contract on the house? Or do I have time to find a buyer? Any help in this topic area would be greatly appreciated. BTW, for the licensing question, I am in Tampa, Florida in case it varies by state or county.
Thanks,
estateXchange
However, I would like to know if you need a license to do this?
****No license is needed because once you place a house under contract you now have EQUITABLE INTEREST in the property. A realtor’s license is needed because you don’t have EQUITABLE INTEREST in a property but acting as a marketing agent to buy or sell.
Also, do I have to have a buyer ready when I put the contract on the house?
****2 schools of thought:
1. Develop you’re buyer’s list before you place a house under contract. (find out what each buyer is looking for – area, price, beds, baths, etc
2. Find a DEAL, place it under contract, run a newspaper ad and the buyers will come if you have a true deal. You would then build a buyers list from you callers.
Or do I have time to find a buyer?
****I normally get at least 45 – 60 days, rarely do I contract for 30 days
You cannot be forced to buy the property.
You will however lose any deposit money you put down on the contract.
Keep the deposit you place in it low and thats all you will lose.