What an assignment actually is
You are selling your position in a contract, not the house. Almost every misunderstanding in wholesaling starts by forgetting that.
Assignment versus double close
Assignment. Your right to buy under the contract transfers to the end buyer, who closes with the seller directly. You are paid an assignment fee. Simpler, cheaper, and your fee is visible at closing.
Double close. You buy, then sell, in two transactions. It costs more in closing costs and usually needs funding, and it keeps your margin off the buyer's settlement statement.
What decides which one you use
Whether the contract permits assignment, whether the seller's side objects, and whether your spread is large enough that you would rather it not be on display.
Also the state. Rules on wholesaling, on advertising a property you do not own, and on when a licence is required differ substantially, and some states have tightened them recently.
The honest caveat
This is an outline of how the mechanics work, not legal advice, and nothing here is specific to your state or your deal. Anyone doing this repeatedly should have a real estate attorney review the contracts once — it is cheap relative to a single contested closing.
Questions people ask
Do I need a licence to wholesale?
It depends on the state and on how you operate, and several states have changed their position in recent years. This is the question to take to a local attorney rather than to a forum.
Should the assignment fee be disclosed?
In an assignment it is generally visible at closing, and several states require disclosure outright. Get specific advice for the states you work in.
Can I market a property I have under contract?
You are marketing your contractual interest, not the property, and the distinction matters legally in several states. How you word a listing is part of that.
Keep reading
See the buyers around your deal
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