Example: under contract for 195k. Wholesaling for 200k in Wisconsin.
They are using a hard money lender. The title company has everything.
Contract is assignable. So should I ask them why? Or just give them the first page that proves it's assignable?
More context, they already signed my assignment agreement and showed proof of funds (letter from hard money lender).
Does the end buyer need the original purchase agreements that I'm wholesaling them?
byu/tooniceofguy99 inrealestateinvesting
Posted by tooniceofguy99
2 Comments
The end buyer usually doesn’t need your original purchase agreement for their financing. Hard money lender and title company will handle most of documentation they need.
Just give them first page showing assignable clause if they asking for it specifically. But most of time they don’t actually need to see your numbers with seller – that’s between you and title company.
An assignment agreement means the buyer is replacing you in the original contract and thus agreeing to all those terms. I wouldn’t sign an assignment without seeing the original agreement.
The lender probably wants the original because it shows who is paying what closing costs, are taxes prorated or not, etc. They could also want to verify it’s assignable or follows any local wholesaling laws or just properly executed.
I think a better question is why are you even questioning showing the original purchase contract? There’s nothing to hide. No downside to you. No risk to the transaction.