As long as you let the seller know that you may be re assigning the contract agreed upon, is it necessary to disclose the exact amount that you would be making?
Not at all. It's none of his/her business. If they are getting the price they asked for, they shouldn't be concerned with what deal you put together after you contract to buy the house.
Thank you. But what if they were to ask you and you told them and they didn't like it, could they come back after you to split or acquire all of your profit?
First of all, they can't just 'take' your money or demand that you give them part of it.
You had a contract to buy the house from that person, at a given amount, period. If your contract stipulates that you can assign the contract to another buyer, and that buyer wants to pay you a million bucks for the contract, that's between you and the assignee.
The original seller will most likely be happy just to have the property sold. What you choose to do with it is of no concern to him.
This is business. If you have a solid contract, with a crystal clear assignment clause, then who cares if the seller gets 'mad'?' He could have held out for a higher price, or, cut a better deal.
Get yourself a good contract from your RE lawyer and you'll be fine.
Nah, the only time they know what I'm getting is when the HUD-1 statement is passed out..... I've only had one seller to fuss a little but that was resolved quickly by the closing attorney.
Not at all. It's none of his/her business. If they are getting the price they asked for, they shouldn't be concerned with what deal you put together after you contract to buy the house.
Thank you. But what if they were to ask you and you told them and they didn't like it, could they come back after you to split or acquire all of your profit?
First of all, they can't just 'take' your money or demand that you give them part of it.
You had a contract to buy the house from that person, at a given amount, period. If your contract stipulates that you can assign the contract to another buyer, and that buyer wants to pay you a million bucks for the contract, that's between you and the assignee.
The original seller will most likely be happy just to have the property sold. What you choose to do with it is of no concern to him.
This is business. If you have a solid contract, with a crystal clear assignment clause, then who cares if the seller gets 'mad'?' He could have held out for a higher price, or, cut a better deal.
Get yourself a good contract from your RE lawyer and you'll be fine.
PS:
Once you get the hang of it you'll love it. It beats the hell out of standing watch, field day and mess cranking, and the pay is much better!!
/IC3, Eng. Div., SubRon 6, 84-88
Nah, the only time they know what I'm getting is when the HUD-1 statement is passed out..... I've only had one seller to fuss a little but that was resolved quickly by the closing attorney.