assigning

[justmyopinion]

question on assigning:  do sellers give permission for you to "show"property you have have contract on or are you selling sight unseen to investor?  seems to me seller would not be willing to allow contracted buyer access to "show" until after closing and funding of contract they have with you.  second question: in state of TX contracts using state promulgated (TREC) 1-4  resale, if buyer does not include "and assigns" I would suspect contract is not assignable until after closing, is this correct?

[alaskainvestor]

As far as showing the property, make sure to include a clause in your contract that gives you the right to show property to "tenants, partners, lenders, etc..." and get a key.  This may be more difficult if the property is occupied--but you never know.  Not sure about TX contracts... ???  Try a double closing perhaps?

[WilsonTaylor]

justmyopinion,

A contract in Texas is assignable unless it specifically states that it is not.  

(I'm not a lawyer, just going by personal experience)

Wilson

[Das11157]

What clause do you add this to PC or seperate?

I always hear ad this or that but no one says how  to do it is  it s diferent sheet/form how?

[alaskainvestor]

What clause do you add this to PC or seperate?

I always hear ad this or that but no one says how  to do it is  it s diferent sheet/form how?

My personal contracts include this clause already typed up in them.  If I don't need it, I simply cross it out.  I am not positive, but I believe to add this clause you would add a contract addendum to the contract, and state your contingencies that you need to add in that.  

[dellwebb]

Question for Jeff or anybody else...Jeff has suggested we write "Vesting t be determined at closing" when buying for assignments.
Bank REOs won't allow you to assign. Can you still write "vesting to be determined at closing" when purchasing through a bank owned property through a realtor?

If not, when you say open an escrow account how exactly does on do that, before closing, at the title company or what?

I have two properties that look very promising, both are REOs but I just want to buy to wholesale.

Thanks!
Dell

[alaskainvestor]

Go to this link for info on wholesaling REOs.

http://www.flippinghomes.com/articles/article_non_assign.php

Hope this helps!

[dellwebb]

Alaskainvestor,

That link you sent retgarding the way to get around the assignability clause was a godsend!!!

I subscribe to Pre-Paid Legal Services (which I highly recommend for investors) and am going to run it by them, but I can't see why it wouldn't work.

If it does, it just solved a major problem for many of us who would love to buy up some of those bank-owned properties but find it hard to get around the issue of assignments for them!!!

Thanks a ton.

[alaskainvestor]

Alaskainvestor,
That link you sent retgarding the way to get around the assignability clause was a godsend!!!
I subscribe to Pre-Paid Legal Services (which I highly recommend for investors) and am going to run it by them, but I can't see why it wouldn't work.
If it does, it just solved a major problem for many of us who would love to buy up some of those bank-owned properties but find it hard to get around the issue of assignments for them!!!
Thanks a ton.

You BET!!  Anything to help out a fellow investor!  I hope you get your deals and make the big bucks!  You can send my check to PO BOX...Just kidding!  Good luck!

[dellwebb]

Alaska investor,
Have you done an assignment such as the one described in the article?  I would think someone might ask to see the incorporation papers or perhaps check online to see if such a corp. or LLC exisited. Having the papers drawn up and incorporating (once it's done) is just a lot of boilerplate language and some registration papers.

Dell

[alaskainvestor]

Hi Dell-
No I have not done any assignment deals through a bank on REOs.  I have just begun to look into REOs as a prospective investment, so I have not really had much experience with them.  It you do it, let us know how it goes!