When a seller asks you what is this And / Or Assigned in the contract, what do you say? How do you negotiate that?
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1. Let the seller know you’re acquiring this property the “Non-Traditional” way.
2. Let them know that the home probably won’t get lending from a traditional mortgage company because of the condition & inspection clauses. So, I will have to acquire this property on a Fix & Flip loan with Fix & Flip Terms with a high interest rate. So I’m going to have to be in and out of this deal.
3. In order for me to get that lending I will have to “Assign” this purchase agreement over to my private lender and the contract has to be drawn up this way.
4. Even ask the seller if they have ever sold a home before off market before & educate them on the process.
The And/ Or Assigned clause is strictly legal jargon for my private lender, that’s all.
