Webpage banner for wholesaling real estate.

John Marion is a Real Estate Agent with REMAX Town & Country in Canton, GA

Assignment of Contract

Atlanta Wholesalers

Assignment of Contract | Home Inspections For Investors | For Sale By Owner
Property Management | Return On Investment | Cherokee County GA Investment Property
Attention Jasper, Ball Ground, and Waleska Real Estate Investors

 

Wholesaling / Atlanta Investor Wholesalers

Wholesaling real estate property involves assigning a purchase contract to another buyer. The buyer is usually another investor who will purchase and rehab the property.

The job of the real estate wholesaler is to secure property at a deep discount under contract and then assign the contract to another buyer.

Wholesaling is popular with new real estate investors. Learning the basics of wholesaling is foundational to real estate investing.

Is Assignment of Contract Legal and Ethical?

I've talked to agents who have told me that the purchase and sales contracts they use cannot be assigned to another buyer.

I often have investors contact me to report that their agent says assigning purchase contracts is unethical or illegal.

Some agents believe they can lose their real estate license if they are party to a transaction which involves assigning the purchase contract.

I have wholesaled properties and bought wholesale deals in North Metro Atlanta and Northern Virginia. My wholesaling experience enables me to teach new investors how to begin investing in real estate. I've written articles and blogged about wholesaling and the process of assigning real estate purchase contracts.

Assigning the Realtor's Purchase Contract - NVAR

One day I received a call a call from a concerned investor who was new to the business. His friend, who has spent his entire career as a licensed agent, informed the investor that assigning the official Realtor's purchase contract in Virginia could get him time in jail.

In response to the investor's phone call, I wrote an article about assigning the NVAR (Northern Virginia Association of Realtors) contract. A few days later I had a voice message from the NVAR Legal Counsel.

They had picked up my article online and asked for permission to reprint it!

They felt that I explained the issue of assigning contracts well and they believed their members would benefit by reading my assignment of contract article.

Read my article: Is the NVAR Regional Sales Contract assignable?

Assignment of Contract on Transactions Requiring Bank Approval

Some real estate professionals believe that one could never assign a purchase contract on a foreclosure or a transaction requiring bank approval, such as a short sale.

I have assigned purchase contracts on short sales with bank approval.

Assignment of Contract and Real Estate Investment Wholesaling Made Simple

Watch my YouTube video where I explain wholesaling in easy to understand language.

John Marion explains how assignment of contract works YouTube video
John Marion shows sample assignment contract.

 

John Marion is the agent who buys houses in Cherokee County Georgia and throughout North Metro Atlanta
Call or TEXT John @ 703-371-9548