Assignment or Double Close?

[Malcolm Jarrell]

I've been watching a house go through foreclosure. It's up for auction soon. I'd like to do a wholesale on it, its a great house, 2003, looks to need some repairs.

It's in Erath County. Is there a generic Assignment contract or Double Close contract for Texas, or is there one specifically for Erath County, or is it city specific?

I'd like to jump on this, but I don't want it to bite me in the butt for using ththe wrong form or the wrong approach entirely.

I'd love some advice.

thanks!

[Guy Gimenez]

Your first objective should be to contact the owner to ascertain if they even want to sell. If they do wish to sell, do you know values for that area? Are you knowledgeable on repair costs? Have you negotiated real estate deals before? Do you understand contracts and contract law? Have you ever reviewed a survey to determine if it's usable for your purposes. If the answer to any of these is no, perhaps you should consider working with a seasoned, active investor in your area. He/she will get most of the profit from any deal you bring them but you'll learn from their experience, knowledge and mistakes and still make a little profit. Going it alone with little or no skills or knowledge should not be your strategy starting out.