All Forum Posts by: Alexander Thornton

Thanks everyone. I'm making it a goal to make my first million by my 20th birthday. I have no doubt it's attainable through REI. I'm glad I decided to look into this.

Whoops, ok, corrected that. I need to get those items added in there. I'm getting there, slowly but surely.

If the buyer doesn't perform on the original contract, I keep the deposit, and the seller has his options listed in the Purchase Contract. If the seller doesn't show up to closing or have clear title....gotta work that one out. (Most likely a return of deposit? A fee maybe?) Time frame is 30 days, and the penalty for default...

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DEFAULT: If Purchaser fails to comply with this contract, Purchaser will be in default, and Seller may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract. If, due to factors beyond Seller's control, Seller fails within the time allowed to make any non-casualty repairs, Purchaser may (a) extend the time for performance up to 15 days and the Closing Date will be extended as necessary or (b) terminate this contract as the sole remedy and receive the earnest money. If Seller fails to comply with this contract for any other reason, Seller will be in default and Purchaser may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract.
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Yeah, surprises would be bad. In the assignment contract, do I draft something along the lines of...

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hereby assigns all rights to said contract to:

_____________________________________________________________________________
("Assignee")

in exchange for compensation in the amount of $10,000 with an earnest money cash deposit of $2,000 held in trust by the assignee on this___ day of _____________ , 20___, with remaining balance to be paid at closing.
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Or, is there another way to go about this where the end-buyer doesn't know what I'm making on this deal?

Thanks for the info Ned. Also, which parties will need copies of which contracts/forms before closing, and at closing?

Thanks for replying Jason. Although I had another question:

I'm assuming I need to have copies of both the purchase agreement and the assignment contract on hand. But how does the process work for my end-buyer? Do they take the assignment contract with them to closing to show that they are purchasing it from me? How do I know I won't be cut out of the picture?

Thanks, I'm in the works of working my way through my first 2 deals wholesaling. My thread on my understanding of the wholesale process is linked below:

http://www.biggerpockets.com/forums/12/topics/22202-my-understanding-of-the-wholesale-process-

I like the chrome browser. It's fast, and really simplistic. But missing features will keep me using FF3 until the first official release of chrome.

I live in that area. I'm all for it. Shoot me a PM or an e-mail and we'll go from there.

Hey everyone,

I'm 18 years old, and just getting into REI. I plan on starting out wholesaling properties in the San Bernardino, L.A., and Orange County areas, so if anyone else is a California REI, feel free to contact me, I'd like to network with all of you.

-Alex- :cool: