How To Do Assignment Of Contract | Wholesaling Real Estate

[@jamelgibbs]

Hope you enjoyed the video. These are important clauses to add to the assignment agreement when you are wholesaling houses. Be sure to use them. Any questions or comments?

[@thelifeofatrucker]

Hello Mr. Gibbs how can I received one of your contracts on purchase and assigned?

[@jamelgibbs]

Usually the link is in the description.

[@como129]

where is the link?

[@TheLaTonyaThompson]

You did a very good job explaining things. I learned a lot and you helped me protect my investment. Thanks for posting such a great video.

[@jamelgibbs]

🙏🏾

[@ChristinaWalker-uz5ty]

Does the seller tell you the EMD amount that are willing to accept??

[@diarydavis4476]

Content is golden nuggets...

[@jamelgibbs]

Glad you like it.

[@rololoy2]

I have a buyer who just wired the EMD to for a deal that I have but he’s asking me for the original contract I have with the seller , do I have to show it to him? because I want w so a double closing.

[@jamelgibbs]

Not if you’re double closing. You’ll need to sign a regular purchase agreement with your buyer. Not an assignment of contract.

[@rololoy2]

@@jamelgibbs Wow! This explains it all. Thank you !

[@michellethedaughterofzion6469]

Thanks so much!! This is pretty much the best explanation I've heard.

[@jamelgibbs]

Glad to hear that.

[@premiere1equities409]

Great video again My Good Sir! Thanks a million!

[@jamelgibbs]

My pleasure!

[@jirehinvest5604]

Hello Question when marketing an assignment of contract do you post pictures of the house? Thanks BJ

[@jamelgibbs]

Yes. BUT... you want to make it clear that you are marketing the contract. Not the house.

[@jirehinvest5604]

OK thanks for the info appreciate it!

[@jirehinvest5604]

Hello Jamel we are working on an assignment the potential buyer wants access to property before committing should we try to give access or move on to next one? Thanks BJ

[@jamelgibbs]

Most buyers will want to see the property before purchasing.

[@jirehinvest5604]

Thanks for the input Regards BJ

[@matthewburkholder1076]

Who gets the non refundable deposit? The seller or wholesaler?

[@nnitty77]

Great info. Thanks Mr Gibbs.

[@jamelgibbs]

Glad you like it :)

[@WilliamWeekesJr]

Hey, Jamel thanks for the awesome content. I have a question, I am running into "buyers" that want to agree to a price after seeing the property but want a 10 or 21 inspection period to do due diligence and have there "contractor come out and inspect the property after they have inspected it. I was under the assumption that buyers only needed once to do there check and then you go to the title company doing your happy dance. What I have been seeing is that these investor buyers who are advanced and season are asking for a retail inspection period, is that normal? I'm feeling a little lost.

[@jamelgibbs]

Great question. At the end of the day, you call the shots. A lot of so called buyers these days are really wholesalers. From my experiences since 2002, every true buyer that I’ve ever closed a deal with don’t ask for long winded closing dates. Yes, they may ask for their contractor to view the property, but usually they close quickly after that. On the flip side, if they are getting hard money, then what you are saying is valid. Ive borrowed hard money and usually needed 14 days to inspect the property and 21 days to close. Those were just the requirements. So I say all of that to say this, it just depends. I would ask for a minimum of $3000-$5000 EMD... non refundable. And the longer the time period, the more you ask for up front. Hope that helps!

[@WilliamWeekesJr]

@@jamelgibbs Wow... my last buyer sited those exact numbers 14 days to inspect the property and 21 days to close. Now I know they were probably using hard money.

[@jamelgibbs]

Maybe a solid buyer.