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Updated about 10 years ago,
Wholesale Assignment Question
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.