my flip may be going wrong,help!! - Posted by paul

Posted by Brent_IL on February 15, 2002 at 22:13:38:

If your contract is assignable, you’re correct and all is O.K

If nothing is mentioned in the contract, it reverts to state law. In some states there has to be a clause allowing the contract to be assigned for you to do it. In others, it’s the other way around. A contract is assumed to be assignable if there is no clause in the agreement that forbids it. Check your state.

I don’t know which states are which.

my flip may be going wrong,help!! - Posted by paul

Posted by paul on February 15, 2002 at 20:59:12:

OK, I’ve got property under option to purchase for 37,500 and realtor brings her investor to table willing to pay 39,500. Now they’re wondering how they can pay me without any recourse from realtor board down the road,I say they meaning the attorney (their’s) the realtor and investor.Today I faxed them my assignment of contract form and told them I had the right to sell to anyone until that date.The investor said he was sending my contract to the attorney to see if that would work for them.Is there anything else I should tell them?btw im in sc if that matters to you.I guess this is what you get when you’ve got un seasoned investors and rookie flippers!!!thanks in advance

Where is SC - Posted by Andy M

Posted by Andy M on February 16, 2002 at 11:38:49:

Where in SC are you?

Re: my flip may be going wrong,help!! - Posted by JoeS

Posted by JoeS on February 16, 2002 at 10:03:54:

In NY state, same way…a contract is assignable if the contract does NOT state that it is not. Confused? So are many NY attorneys when the closing comes and they have given the green light previously to the client! The only problem the attorney may have is with the wording of the contract between you and the seller that you are assigning. If not, great, you just made 2K! Hope all goes well.