Wholesaling - Assignment or Simultaneous Closing - Posted by Brian (IN)

import · October 19, 1998, 9:29pm

Posted by Bronchick on October 26, 1998 at 18:10:48:

A simultaneous close can be done either way, but a contract cannot be assigned if there is an “anti-assignment” clause.

import · October 19, 1998, 9:29pm

Posted by Brian (IN) on October 19, 1998 at 21:29:57:

I just put a single family house under contract that is in need of some cosmetic fix up. I have contacted a few of the ads “I Buy Houses” , etc. I am waiting on a response but I do not know the best way to close a deal between myself and a buyer prior to me closing on the property. Which way is the cheapest, least risky, ect. I am located in Indiana and used a standard Realtors form. I do not see anything on the contract that pertains to assignment. Please recommend one way or the other and give details of how to do it.

Thanks for all of your help.

import · October 20, 1998, 10:04am

Re: Wholesaling - Posted by Bronchick

Posted by Bronchick on October 20, 1998 at 10:04:26:

If you contract does not permit assignment then you need to do a “double” close when you find a buyer. You simply sign a sales contract with your buyer, then bring both contracts to a title company and they will know what to do.

import · October 21, 1998, 3:37pm

Re: Wholesaling - Posted by Redline

Posted by Redline on October 21, 1998 at 15:37:17:

Now - if the contract HAD allowed assignment, then a simultaneous closing could be done … right?