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Updated over 10 years ago on . Most recent reply

User Stats

143
Posts
105
Votes
Guy M.
  • Flipper/Rehabber
  • Williamsburg, VA
105
Votes |
143
Posts

Wholesale Assignment Question

Guy M.
  • Flipper/Rehabber
  • Williamsburg, VA
Posted

I am beginning to wholesale in my area and I am unsure on something I thought about concerning the assignment of a contract. Here's an example I was thinking about:

1. Wholesaler finds property with an ARV of $140k

2. Estimated repairs needed come to $25k

3. Wholesaler obtained signed memorandum for contract; seller signs purchase contract for $56k

4. Wholesaler's assignment fee is $15k

Now, if a buyer cannot put the entire fee of $15k in escrow with the title company at the time they agree to buy from the wholesaler, can he or she put a portion in escrow (say $3000) and provide a promissory note for the remaining amount to the title company?

How is this structured? Examples please.

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