Help please! Wholesaling with agent!

[Chauna Caudill]

I am working on getting an on market deal under contract. I have informed the agent that I am an investor, and that I have partnerships with other investors. In the terms I asked for the contract to be assignable, but when I received the contract it stated that no assignments were allowed. I contacted the agent and they said that I need to give them the names of the potential assigns. What should I do? Any suggestions would be greatly appreciated!

[David Lee Hall, III]

Quote from @Chauna Caudill:

I am working on getting an on market deal under contract. I have informed the agent that I am an investor, and that I have partnerships with other investors. In the terms I asked for the contract to be assignable, but when I received the contract it stated that no assignments were allowed. I contacted the agent and they said that I need to give them the names of the potential assigns. What should I do? Any suggestions would be greatly appreciated!

If you don't actually have a buyer, so you just plan on sending it out to your list, I would be hesitant to enter into such an agreement. Not because you can't move the house, but rather if you don't you're wasting a lot of peoples time, which is just rude. I don't blame the agent for wanting to know. While I have bought stuff off of the multi list I have never tried to actually wholesale something, rather I have kept it for myself. I have always required the contract to be assignable because I never know which LLC I will close in. I haven't had an agent have a problem with that in the past. Such an approach could simply allow you to move the contract to one of your partners without them needing to know who. On the other hand if you do know who is actually going to buy it, there is no harm in telling the Agent. You could simply say it will either be myself or Bob Smith but I don't know right now. If the agent goes so far is wanting their contact information that is a different story, they could try to cut you out of the deal then. Honestly they are probably just doing their due diligence on behalf of the seller.