All Forum Posts by: Wayne Igo

"Bubble" that is...

I came across a recorded radio broadcast from two experts on the current strong market and how this may come to an end starting 2015.  The link is below and find the audio track with the title "Is Houston in a Real Estate Bubbly?".  Comments please.

http://www.houstonmatters.org/segments/segment-a/2...

I would like to get the correct way to structure a sales contract with assignment in Texas.  Assignment may be implied by default but I'm assuming adding " and assigns" after the buyer name is sufficient.  More important to me is structuring the contingencies so that I am released from any obligation to purchase the property should I decide not to buy and can't find any interested investors to take the contract on assignment.  I understand that you have to be careful with the "Special Provisions" section of the TREC contract and stick with the facts.

So, does anyone out there have a contract they could share with me or some guidelines on how to set up the contract to accomplish two objects: 1) assignment and 2) establish sale contingencies.  I am also building the proverbial "Investor List" so any investors who would like go be listed please contact me.  I am also building a wholesale criteria list developed entirely from investor input.  So, if you are an investor and would like to share your deal criteria please do.  My contact information is given below.  If you call my cell, I can't always answer so please leave a voice message.

Wayne Igo

Igo Properties

[email protected]

Phone: 281.723.6619

Wholesaling is usually done with contract assignment but it can also be facilitated with options agreements where the potential buyer pays the seller a fee to give the buyer the option, but not the obligation, to purchase the target property for X dollars and before a specified date.  

I want to find out more about using options.  Is there anyone out there who "knows" the correct way to use options?  Especially how to setup the "assignment" language so the option can be transferred to another investor.