Assignment Contracts

[Kyle Norman]

Hello Everyone!

I am a recent college graduate struggling to make ends meat. Recently I have been looking into investing in real estate. Wholesaling and flipping houses has become my primary area of interest and I was hoping to get some more information about the technical side of these deals. I believe I understand the process fairly well, however there are a few aspects I need more clarification on such as:

1: If I get a seller to sign an assignment contract with a 30 day inspection period (allowing me time to flip the home myself), can that seller back out of the contract?

2: Can I back out of the contract if I am unable to find a buyer for the property?

3: Do most sellers require a POF before signing an assignment contract? (If so this will be difficult as I have no credit and no start up capital)

I apologize for the long post! Any help would be greatly appreciated!!!