Q: what is a contract assignment sale?
A contract assignment sale or assignment of contract (better known as flipping the contract) is where a wholesaler enters into a contract with a seller to purchase their property and has the right to assign or sell their rights as buyer of the property to another party for a fee or profit. Normally, the initial buyer is not released from liability to perform under the stipulations of the contract even though they assign the contract to another party.
Q: What is a wholesale sale?
A wholesale sale is where the seller is selling the property at 30-50% under the retail value. These are normally distressed properties or sellers with a need to sell quickly.
Q: Why buy from us?
Because we do all the negotiations for you. In some cases it takes us months negotiating and working with realtors, attorneys, trustees and the courts to get a property on contract for a price that makes sense. Sure, you can take your time in the hopes of getting a property on contract for a little cheaper but it is hardly worth it."
Q: What are the steps to purchase a contract from Pinellas Wholesale Properties?
1. Locate the property you would like to purchase.
2. Schedule a meeting with us to put your deposit down and receive your assignment of contract.
3. Close on the scheduled closing date with cash or private financing.
Notes: If you are planning to do any inspections on the property they must be done prior to step 2.
Q: Why can I not use institutional financing to purchase these homes?
There are three main reasons for this:
1. Condition of the property. There may be minor or structural issues that would make the property ineligible for institutional financing in it’s present condition.
2. Timing. The reason why we are able to negotiate such good terms is because we close on the property quickly, there is not time to go through the process of obtaining regular financing.
3. Contract Sale. Because we are on contract to buy the property and are assigning the contract to you makes the scenario non-conducive to most financing options.
Q: Are we realtors?
No.
Q: Where can I get the funds to purchase one of your homes?
Of course the most favorable way to purchase one of our homes is cash. If you do not have enough cash to purchase the property then we may be able to help you locate a private lender who would be able to lend you the money for the property.
Q: How can I be sure that I will not be stuck with liens, judgements or other title flaws on the property?
We always close at a title company and have them provide a new title policy to protect you. We will not close without one.
1. A variety of Real Estate related topics (often featuring Guest Speakers)
