Four Reasons To Use A Real Estate Contract Assignment

explore real estate contract assignments and identify a few ways a buyer can use assignability in today's insane uber sellers' housing marketThere are two words in the real estate contract that typically go unnoticed by both buyer and seller, but they exist for a reason and prudent homebuyers must understand their meaning and purpose.

Overlooked though they may be, these two words offer flexibility and potential to buyers that have a great real estate buyers' agent and the wits to exercise the rights they provide.

Two Words In The Real Estate Contract You Should Understand

Today, we'll explore real estate contract assignments and identify a few ways a buyer can use assignability in today's insane uber sellers' housing market.

Real Estate Contract Assignment

Two Important Words In The Real Estate Contract

As the image above showed, the two words that I have been referring to are "or assignees" which follow the name of the buyer at the very beginning of many real estate contracts.

So what does "or assignees" mean here? 

DISCLAIMER: Joe Manausa Real Estate is not a law firm, does not act as your attorney, and is not a substitute for advice from an attorney. My lay opinions shared here come from more than 30 years of selling and buying residential real estate in Tallahassee, Florida and are provided for educational, informational, and referential purposes only.

The "or assignees" after the buyer's name lets all parties to the contract know that the buyer has the right to pass along all the rights the contract grants to him/her, and it is those rights that create the opportunities that I am addressing.

So, for example, I go and find a home for sale and put it under contract with the homeowner using a contract form that includes the 2 words “or assignees” after my name on the contract. I have the ability to assign my position as the buyer to you.

Or perhaps I sell you my position. You then proceed to close on the home as the buyer under the terms of the contract. You'll need to check with a real estate attorney whether or not the liability under the contract can be passed along too. You will want to know if the seller retains recourse against the assignor, the assignee, or both in the case of a default by the buyer.

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Four Reasons To Use A Real Estate Contract Assignment

1Simplicity or Convenience - This is the reason that I see real estate contracts assigned most often. I would even point out that oftentimes, this is done without one party being aware (or documentation executed).

You see, it is not uncommon for two or more parties to come together to buy a property, only to have the organizational structure of the purchase not yet established.

For example, a new home hits the market and an investment group wants to buy it. They agree to submit an offer, but only one of the parties puts her name on the form. This makes it easy in negotiations so that the document does not have to continually pass through multiple hands for each counter offer required to obtain a contract. Prior to closing on the property, the investment group forms a new LLC and then the party who had signed the contract assigns the contract to the LLC and that is how the investment group takes ownership.

2Profit - This one can be a bit tricky, but today's incredibly hot sellers' market means that homes are moving up in value every single month! An astute buyer could make offers on homes as they hit the market, and once contracted, turn around and sell the contract to another buyer (through assignment).

The reason that assigning contracts for profit is tricky is that the new buyer has to close on the home under the terms of the contract between the seller and the buyer. So unless a cash buyer is involved, it is definitely going to result in a time crunch to obtain a new buyer who can, in turn, obtain financing within the remaining window of time that the contract allows.

If the assignor is financially strong and has the ability to proceed to close if the newly assigned buyer fails, then the assignor will typically profit from a non-refundable earnest money deposit that was required as a condition of the assignment.

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3Savings - There are occasionally situations where buyers on a contract are a "front" for the real buyers. Perhaps the seller won't sell it to one buyer for personal reasons. A second buyer can come in, get the home under contract, and then assign the contract to the initial buyer who had no ability to negotiate with the seller.

The savings come from avoiding a double-closing, where Buyer One completes a purchase (and pays all the closing costs and taxes required under the contract and the law) only to sell it to Buyer Two with a whole new set of taxes and closing costs.

A famous case where something similar to this occurred was when Walt Disney wanted to acquire many contiguous land parcels in Central Florida in order to build Walt Disney World. Disney knew if all the contracts were in one buyer's name, then locals would see what was going on and prices would soar. Though I'm not sure if he used assignments or double sales, the assignment method would have saved additional money in the purchases.

4Investment - This one takes point #2 to a whole new level, and specifically I'm referring to how real estate wholesalers can use real estate contract assignment as a full-time investment vehicle. Here's what wholesalers do.

They grow a network of prospective real estate investors who are interested in opportunities to buy homes to lease to tenants. The wholesaler goes out and makes offers on many of the properties that hit the market, and when they obtain favorable terms through a contract to purchase a home, they market the contract to their investor pool to find a buyer that will pay them a "finders fee" through real estate contract assignment. For a well-funded investor, this can be a great way to earn a bunch of small profits.

Assignment Of Contracts - Use With Informed Discretion

Now that you understand some of the ways a real estate contract assignment can be used, you might be tempted to want to get involved. My advice is to use discretion.

Unless you are doing a simple assignment to simplify a purchase, you really need to ensure that you are prepared to handle the various situations that could potentially occur should matters not work out the way that you planned. You should consult an active real estate attorney to address your plans and to inquire about liabilities that might not be addressed in this article.

You should also tune in to the real estate market, making sure you understand supply and demand and the likely future movement of home prices. Investors who wholesale real estate are typically very bullish on the housing market, so an unexpected turn could cause great financial harm.

If you have any thoughts about real estate contract assignment that I failed to mention in this article, please let me know through the comments section below.

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How To Avoid Common Legal Issues When Buying Or Selling A Home
This video examines the most common real estate law problems and provides guidance on avoiding legal issues when buying or selling a home.
Do's And Don'ts During The Home Loan Process
During the home loan process, you'll want to avoid negatively impacting your loan pre-approval in any way
What To Offer On A Home In A Sellers Market
We are experiencing the strongest seller's market on record, so you have to be prepared to make the right kind of offer if you want to buy a home today. And it's not all just about how much to offer, there is so much involved when making the "RIGHT" offer in a seller's market. I have shared my experience of selling thousands of homes in a seller's market, both with working for buyers and with working for sellers. I have shared 3 important home buying tips to enlighten you on what matters most to sellers so
Why It's Alway About Supply And Demand In Real Estate
It's all about supply and demand. The real estate supply and demand dynamic tells us everything we need to know to forecast home sales in any given area.
Top 10 Tallahassee Neighborhoods
If you want to know where homebuyers chose to live in 2021, then this video was produced specifically for you. Follow along as I share the top-ten selling communities in Tallahassee in 2021, with insight on what it costs to live in each neighborhood as well as the number of homes that sold.
Why Fixer Uppers Are the New Gold | Home Renovation Guide
This video explains why fixer uppers are the new gold. If you need a home renovation guide full of great home renovation tips, this is where to start your home renovation journey.
10 Home Inspection Issues And Tips
Moving from one home to another has enough stress and chaos built into the entire affair, and the home inspection is often the biggest stressor. Here's how to avoid home inspection stress!
Real Estate Negotiation Strategies For Each Market Condition
If you mishandle the negotiation on a home, several things will possibly happen, and all of them are bad. First and foremost, you’ll leave money on the table through either the sales price or the terms that are negotiated. Today, buyers are losing out on homes they want to buy and it’s often due to poor positioning in the negotiation. And while we are in the midst of a historic sellers’ market, I’m seeing sellers leave money on the table even when they have multiple offers! #realestatenegotiation #homenegot
Four Smart Ways To Use A Real Estate Contract Assignment
Contract assignability allows buyers to give or sell their rights to another buyer, and that creates opportunity. Tune in to discover four reasons to assign a real estate contract (including contract assignment profits)
What Does A Transaction Coordinator Do?
When you are selling a home or buying a home, a critical member of your support team is your transaction coordinator. Here's what to expect!
Real Estate Appraisal Versus Fair Market Value Of A Home?
What is the difference between a real estate appraisal and the fair market value of a home? If there is one practice that confounds both home buyers and home sellers alike it's the fact that the majority of real estate transactions close at the mercy of an appraisal conducted for a purpose that most consumers do not consider. Understanding these differences will save you money when it comes to buying or selling a home, and it will help you appreciate the need and value of a real estate appraisal. But here’s
What Is A Real Estate Hot Sheet?
What Is A Real Estate Hotsheet? - When agents are new to the real estate industry, they are trained to monitor the " MLS Hot Sheet" every morning in order to stay informed of the inventory changes. So what is a real estate hot sheet, and can non-Realtors get access to it? ?? Link to the current real estate Hot Sheet: https://www.TallahasseeHotSheet.com Up until now, the hot sheet was proprietary information only available to paid members of the MLS. But recognizing that inventory is so low in the Tallahass
Who is responsible for determining the value of the home you want to buy?
If you are planning on buying a home now, or within the next three to six months, you are going to have all sorts of questions pop up for which you’ll want answers. Among the most important of these will have to do with figuring out what a home is worth. As a matter of fact, I was recently asked this question “Who is primarily responsible for determining the market value of the home you want to buy?” Questions about valuation are very common from buyers of all experience levels because nobody wants to overp
What Is The Definition Of Distressed Property?
What Is The Definition Of Distressed Property? I received this question from "Rich" who asked: Joe, what is your definition of a "Distressed Property" - foreclosure, disrepair, time on market, location? That's a great question because we have a ton of people who have registered to receive our regularly updated list of distressed properties for sale in Tallahassee, so I know the topic is very popular today. In fact, it’s not uncommon for people just entering the market to buy a home to be focused on distress
Why Use A Buyer's Agent For New Construction?
Why Use A Buyer's Agent For New Construction? - I was recently asked about the benefits of having a buyers agent for new construction. Specifically, she asked why she should use a buyer's agent for new construction? My short answer is that you should always hire a well-trained advocate to help you buy any real estate, including new construction homes. This video though will specifically address several benefits of having your own advocate when purchasing a brand new home, whether it has already been built
What Is A Seller's Market In Real Estate?
You might have heard that we have a huge seller’s market right now in real estate. Do you know what that means? This real estate frequently asked question comes up from time to time when somebody is buying a home or selling a home. They want to know if its a buyer’s market or a seller’s market. Is now a good time to buy a home in the Tallahassee real estate market? I have prepared this short video to demonstrate the conditions that make this a seller’s market, and then we’ll show you the numbers and how we
What Is A Swimming Pool Worth?
What Is A Swimming Pool Worth? Recently, a customer buying a home asked me a simple question. She inquired “how much does a pool add to the value of a home?” Pretty simple question, right? Well, by the end of this short video, you’ll know the not-so-simple answer (and why this is so important).
How Many Times Will A Home Seller Counter Offer?
This real estate frequently asked question is from a recent home buyer. If you are about to buy a home in Tallahassee Florida or beyond and you’re trying to better understand how the real estate negotiation process will work, then understanding how to better control the negotiation is going to keep some of your hard-earned money in your pocket!
What You Should Know About School Zones When Buying A Home
What You Should Know About School Zones When Buying A Home - Buyers always ask about school zones, even when they do not have school-aged children. They understand that homes in the highest-rated school zones often fetch the most money, so they believe they are putting themselves in the best position for a future sale by purchasing a home in an acceptable school zone today. Unfortunately, this logic is flawed. If you are buying a home with no need for a school yet plan on including your opinion of the publi
Real Estate Is Local - What This Means!
If you plan on buying a home, or selling a home, you’ll want to understand the local nature of real estate and use it to your advantage.

Your Local Expert In Tallahassee

When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.

As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: Real Estate Agent Reviews Tallahassee.

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Read what people are saying about working with Joe Manausa Real Estate! You can see thousands of real customer reviews reported on Google, Facebook and Zillow at this link: CLICK HERE FOR REAL ESTATE AGENT REVIEWS.

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