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Hi Jackie,
About a month an a half ago I signed an assigment contract to purchase an investment property. The investment property is located in VA. I have been working with a mortage company to purchase the property, but at the time I was refinancing my own residental property. The mortgage company wanted to wait for my refinancing to be completed before proceeding with the purchase of the investment property. Since that time I have come upon some personal financial hardships. I had a death in the family and my Dad has been in the hospital. I now need the money that I had planned use asa down payment to purchase the investment property to help my family. I closed on the refinacing of my personal residence, but I rather not go forward with the purchase of the investment property at this time. I don’t want to leave the seller in a bind since I have had this porperty tied up now for over 6 weeks. I’d like to find a buyer to step in and purchase the property. Do you have any suggestions on what I can do? Would I be able to contact someone who advertises “We Buy Houses” to see if they would be interested in purchasing the property? Even if I made no money on the deal can I assign this contract? I would greatly appreciate any help and/or suggestions that you could give me. Also what is a Master Lease? Thanks.
Debbie
Debbie:
Unless your purchase contract specifically says that you can not assign the contract then you should be able to assign.
With out more details on the deal it is a little difficult to say what your best course of action would be. My initial idea is if you still have the property tied up and have the ability to show the property is to have a “Highest Bidder” or a ” Highest Down Payment ” auction.
Jackie has written on this subject several times here at the web site.
Don Wede
Hi Debbie,
You should be able to assign your contract -but if your contract required getting financing then you’ll have a hard time finding an investor who will do that – unless it is just a hard money loan or a private lender loan. If it required jumping through a lot of hoops and disclosing a lot of private information most investors have been trained NOT to do that.
And it needs to be a REALLY good deal to get an investors attention.
What are the numbers on the deal?
We have an office in that area and my associate may be interested.
Send me an email with your contact info and I will put you in touch with him.
Jackie
[email protected]p.s. Going to the bank or a mortgage broker to get financing to buy houses is NOT the way to go. Study the lesson at CREWealth and you’ll learn a lot of other ways to buy “creatively”
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