This is a question that has been asked to us several times in the past... members wanting to know if the California Realtors Contract is assignable, or will they have to close on the contract themselves and then close with buyer? It's also been asked if the buyer's cash covers the cost of the first contract or will separate financing have to be obtained?
The only time you'd be using the realtor's contract in California is if you're making an offer through a Realtor. If that's not the case, it's totally irrelevant. If that is the case, you're will just need to review it. It also depends on whom you're buying it from. If you're buying it from a bank, they will definitely want you to close in the name that's on that contract. That doesn't mean its recommended that you go get your own loan unless you're paying cash and intend to get a private loan anyway. If that's the case, it's all irrelevant because you are gonna close on it first.
If you intend to assign the contract then ensure your contract allows you to do that. Try making somebody's name as a trustee so that when it's closed, then it's closed in that name even if that trust is your buyer's trust.
If you're gonna sell it to an investor I don't make any offer in something or other as trustee cause I can tell the investor the only way you can close is in this trusts name. And then just assign the contract because in fact you are closing in the name that's at the top of the contract.
All of this brings up the additional question regarding the legalities of simultaneous closings. Whether or not simultaneous closings are illegal or legal is not the question. The question is will the lender for your buyer ...the lenders for your buyer's care. That's the biggest concern.
There's no law that say you can't buy a house and sell it the next day. It's the title companies that are misinterpreting the law or have their own conclusions that are giving the problems. The is especially true if there are new lenders involved. As far as wholesaling goes, if it is a problem just assign the contract and don't do a simultaneous closing. It's much cheaper anyway. When you're assigning the contract there is only one closing, your seller is deeding it to your buyer, period.
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