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Updated over 14 years ago,
WHOLESALERS: CONTRACT ASSIGNMENT QUESTION
Ok, so I haven't been on the site or even in the real estate game for the past couple months, life took me in another direction so although I've been keeping up with the state of the housing market (I was even about to get work as a short sale processor doing Admin work then activate my license move into Negotiating with the banks on short sales, but that doesn't come with base pay and negotiations can take months!) I admit, I'm a little out of touch and need some advice.
IF and I'd like to stress the IFiness of it...this is all hypothetical, but IF I found someone with a network of buyers and could submit houses to them for a potential sale and I myself didn't have any sellers nor the time to prospect for motivated sellers and get the properties under contract, can i get a wholesaler with properties to sell, that he/she has under contract to assign the property to me, then me to end buyer?
If so, how would I structure the contracts so that I am not at risk? I assume the wholesaler to me contract would have to be a unilateral option contract where as I have the option to sell the property but am not obligated to buy, then me to end buyer would be the same thing?
Any advice from Realtor's, investors, or just really smart people who can Google their *** off and get the correct answer would be appreciated.
Again this is all hypothetical but if it does become a real situation I'll let anybody with properties to sell/assign know. Or you may not hear from me again until winter! Either way, clarification on this topic at the very least would be nice, I hate not knowing the answer! :help: