Assignment Contracts

[Rusty Glines]

I went to put in an offer on a package deal with a real estate agent. At first I just wanted to do a LOI, but they said they don't do that. So we proceeded to talk about the purchase offer. Of course, I am nervous about it and asking questions. I just want to make sure I am covering my butt. I want to put in an offer and have contingencies to get out if needed.

So I asked about the contract and if it is assignable.  The realtor didn't really know what I was talking about.  I explained that I wanted the contract to be assignable in case I wanted to assign it to another investor.  She said the contract did not have that in there.  She said that may be only in "big cities".  I told her that I would talk to my attorney and see if they could write up a contract.   

I have researched and studied the past 6 months and I am ready to start investing.  

I just want to know if anyone else has had this problem with contracts and purchase offers.

[Jonathan Casillas]

I would have to agree with @Brian Gibbons. Your whole team ( Real estate agents, title companies, Loan officers ext.) need to be people who are familiar working with investors. There is a saying 'If your the smartest person in the room your in the wrong room". This is especially true when first starting out. Surround yourself with people that you can learn and network with.