Contract expiring 1 day before buyer can buy!
My buyers Divorce is 1 day after my Purchase Contract expires. He says he won't have any $ till after the Divorce...it goes before the Judge on June 5th for finalizing, the divorce will be final June 10th...
He REALLY wants the house!
Question?
Is there a way to get him to sign my assignment form with an addendum for a few days later to take the actual contract? Thereby assigning it BEFORE it expires.
Help, last foreclosure.
Clif
[ Edited by pbodys on Date 05/23/2003 ]
pbody,
If I understand the question right (you have a contract on a property, and a buyer who will pay you to assign it to him), then you need to ask/pay the seller for an extension on your contract, the purchase contract.
Roger
Hey Roger, thanks
So there's no form I can add to the assignment contract that will state the buyer can pay me my fee in a few days....after his divorce is final?
I'm thinking as long as he signs my contract BEFORE the sellers contract expires, its a done deal.
Any more thoughts on this.
Clif
Clif,
Your assignment contract just replaces your name on the purchase contract with your buyer's name. It "assigns" him the right to use that purchase contract to buy the house. Everything else, but your name, remains the same; contingencies, loan requirements, and closing date must all be met for the purchase agreement to remain in effect.
Roger
Why don't you just go to the seller and get an extention? How long has this been under contract? If you can just convince him it will only take a little while longer he would probably work with you. Unless your thinking that the person your assigning contract to would go behind your back once your contract expires and go directly to the seller cutting you out.