|Question from Maurice||My question is when I make offers on properties listed with a realtor but not REOs…that means i cant use my contract I have to use the state purchase & sale agreement. So do state contracts have a non assignable clause or only banks have a non assignable clause in theirs? Thanks in advance!|
Hi Maurice! All contracts are assignable by law, unless they specifically state that they’re not. The Northeast Florida Association of Realtors uses a contract that does NOT have a Non-Assignable clause (which means it IS assignable). However, most REO contract addendums will have that clause that will not give you the right to assign the contract without getting permission from the seller in writing. I think it’s more of an REO clause, instead of a Realtor clause. Each contract is written differently, so you should read and become familiar with every contract that is used in your area.
And don’t forget that with REO transactions, you can use transactional funding to close on the deal first with the seller, and then sell it to your buyer. That is not considered assignment of contract. For information on transactional funding, check out Coastal Funding.