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.
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