How To Correctly Word ?
HOW TO WORD CORRECTLY A OPTION TO PURCHASE CONTRACT FOR BUY / ASSIGNMENT
FROM THE BEGINING?
TO LET THE SELLER KNOW THAT I AM INVESTOR AND IF I DO NOT BUY I
WILL TRY AND GET A BUYER FOR THEM TO HAVE THE PROPERTY SOLD AT THE AGREED UPON PRICE FOR THEM, STATED IN CONTRACT. 
THAT A NO NO, YOU NEVER TELL A SELLER THAT YOUR INTENTIONS ARE JUST LOCKING UP THE PROPERTY SO YOU CAN ASSIGN IT. YOUR BEST BET IS TO PUT IN A CLAUSE STATING THAT YOU HAVE THE RIGHT TO ASSIGN THIS PA (PURCHASE AGREEMENT) FOR CONSIDERATION AND THAT ALL PREVIOUS TERMS AND CONDITIONS APPLY AND THAT YOU MUST GIVE A NOTICE OF ASSIGMENT TO SELLER AT LEAST 21 DAYS BEFORE PA EXPIRE. i HAVE AN ASSIGNMENT ADDENDUM THAT I WROTE UP IT IS YOUR FOR $100 NOT NEGOATIABLE
I m sorry, it easier to just write
I am confused and need you to more fully explain your situation. So you have a purchase and sales contract that you are trying to assign to another person and that person is getting a loan?
I have only done cash assignments. Which means I wholesale to other investors. Sounds like you are trying to do a retail assignment to harry home owner.
Even if you do a double close, it can be hard for the retail person to get a loan. Underwriting likes for the "seller" to own the property. I would be interested to hear how other people might do this. But I suspect it is not done often. If you could retail assignments, then everybody would be doing it. Instead getting a P&S contract at 70%, a number you need to wholesale an assignment, we could all get P&S at more like 85% because we were going to retail them.
Brenda
Sorry for my bad written. I am in a hurry and I do not know what to do , I need to finish this transaction and I do not know how.
This is the scenario:
1) there are two real estate brokers on this transaction one for the buyer and one for the seller
the seller is a normal person , the buyer it is a company who is trying to assign me this, I already signed the assigment contract, it is signed by two parties. That is not the problem, the problem is that the account executives from the bank see the contract and they do know about it and say why this company is doing this and why is not your name on the contract ? and they do not accept because they are telling me that it is not acceptable
so what can I do or what banks do accept the assigments ? .
Go to your escrow company and have them draw up an adendum replacing you as buyer on the escrow insrtuctions
thanks I will do that first on the morning on tuesday , I will let you know what happened, if there is other way or hints to take rid of this headache ? the easier way that I think is to put the contract under my name and just give comission with a promisory note and I solve the problem easier correct me if I am wrong but I will try what you told me first and if it does not work I will ask for contract under my name and I will respect the fee for the assigment to give on closing to that person who brought me the house I will appreciate your advises / answers[ Edited by rayosx on Date 05/28/2005 ]
"Go to your escrow company and have them draw up an adendum replacing you as buyer on the escrow insrtuctions"
An addendum to the original P&S would have to be signed by the seller and buyer. Is he suppose to get the seller to sign this? And what if they will not?
He has the assignment of contract, which has only to be signed by the buyer and the newly assigned.
Brenda
Do you know on average what would be a repair on that kind "Mold" I know that depends of a lot of factors where is the mold, if it exist a lot of mold or not, etc, but an average what wuold be the cost for that ? and what dangerous is to have mold on the houses ?
thanks
Ray
Yeap, that could be too, well, I am on CO so I believe that you can not help me phisically but thanks for that and I appreciate all your answers. I will let you know guys what happen.
oh and about the mold, it depends on what kind, most mold can be removed by removing the wall and putting in new drywall or putting on stain kills, it a paint that kills mold and it use on fire damage houses
I started a topic with mold issues on rehabing section. if you guys are interested to give your opinion it will be good. Also, I dropped the deal because I received a disclosure from the listing agent with almost 300 sqf less and I sent my appraiser to check the property and it was true, we were behind 300 SQF from what I was told at first time, even on the public records were registered as 1250 when it was 960 so my numbers were not good after I knew the change of SQF. so I am looking for more deals guys and gals I wish the best to everyone and hope that everyone makes something
thanks for the help / answers again
Ray