Obtaining A Finders Fee...

[Admin]

cat,
I think the following article will answer most of your questions.

No, it's not illegal to sell a contract.  You can get an assignment fee from selling the contract and collect up front or at closing, depending on the arrangement.  Conversely, you can do a double close at a title company as an alternative.

http://www.texasrealestateclub.com/articles/cook/9stepswholesale.html

Good hunting....

[hassansr]

You can also earn a fee by creating and executing an option agreement. In an option you get the seller of a house to agree to sell it to you for one price, and get a buyer to agree to buy it for a higher price; your fee is the difference between the two.. It works similiar to an assignment of contract.

cat,
I think the following article will answer most of your questions.

No, it's not illegal to sell a contract.  You can get an assignment fee from selling the contract and collect up front or at closing, depending on the arrangement.  Conversely, you can do a double close at a title company as an alternative.

http://www.texasrealestateclub.com/articles/cook/9stepswholesale.html

Good hunting....

[AlexLock85]

You can also earn a fee by creating and executing an option agreement. In an option you get the seller of a house to agree to sell it to you for one price, and get a buyer to agree to buy it for a higher price; your fee is the difference between the two.. It works similiar to an assignment of contract.

cat,
I think the following article will answer most of your questions.

No, it's not illegal to sell a contract.  You can get an assignment fee from selling the contract and collect up front or at closing, depending on the arrangement.  Conversely, you can do a double close at a title company as an alternative.

http://www.texasrealestateclub.com/articles/cook/9stepswholesale.html

Good hunting....

How do you get paid the difference? Through a promissory note or something of the like? Who pays the difference the seller or a title company/attorney?

[babujbf]

What documents do you need to accomplish a wholesale? What if you cannot find a buyer, are you obligated to buy the property?

[AlexLock85]

What documents do you need to accomplish a wholesale? What if you cannot find a buyer, are you obligated to buy the property?

Use an option contract; this gives you the OPTION to buy for a certain amount of time...not the right. Therefore if you can not locate a buyer, your option will simply run out and nothing will happen.

[babujbf]

and then simply use and assign contract right?

[THR2008]

Yes and No everything is depending upon the deal. The most important part is having control of the seller. I only use a Contract never an Option. It's not good to drop options every where in hopes of closing a deal. Build your buyers list first. Start from the end and work your way back things will be easier.

[hassansr]

and then simply use and assign contract right?

Any set of contracts will work, it's all in the special stips you and the seller agree to within the contracts.