Do I have to sell to my cash buyer for more than my purchase price

If you want to do a "double close" (which takes longer, costs more, and will get you more money), figure it into the price and go that route. If you want to "wholesale" the place (meaning your buyer will fix it up himself), then you can assign your sales contract for a few thousand dollars. If you want to make even less, you can sell your buyer the place's address for a few hundred dollars (AKA birddogging). Each approach can and does work. You simply have to ask yourself - what am I trying to do with this property? And why?

Of COURSE he wants to use his own contract! He has either done this before and wants to be protected, OR, he wants to try and rip you off with his fine print. Using someone else's contract is okay, as long as you read it first, and agree to all of its parts. Delete or change any parts you don't agree with, and make sure he agrees to it before you sign anything. If any of this answer is unclear, go back and re-read Dean's books because if you don't know how to do this stuff, you're begging for expensive trouble. Best of luck to you...

Great way to answer this David! You said it all thanks

is what I am trying to do just to get started. I want to assign a few times before I try something harder. The contracts seem a little confusing to me. I want to make sure I understand the contracts before I do this. Everything else is lined up though and I have hungry buyers. I think I am going to try and used state approved contracts. I think I understand the contract between me and the homeowner, and adding the "escape" clauses about my partner accepting the deal etc. I just feel less sure about the contract between me and the cash buyers.

Understanding your contracts is priority one, even above helping people and making money, which is why we're all here. You HAVE to use state approved contracts. What I mean by that is, not the standard stuff the agents and brokers want you to sign. I mean, you can't have clauses in them that the state won't allow, and every state is different. Even if you screw up in that arena, a basic rule of Contract Law is, "if only a clause or part of a clause is illegal or inappropriate, but the rest of the contract follows the law, then only that clause is invalid. The remaining agreement is still legal and binding on all parties." Best way to protect yourself from this - do you have an AWESOME RE attorney on your "team" yet? If not, that's what you need to do next. If you do, show the attorney your contracts, and ask him if there's anything you should change, remove, or be concerned about.

Having your own escape clauses (at least one) is smart and a necessary level of protection. Your end ca$h buyer wanting at least 1 escape clause of his own is perfectly reasonable for the same reasons you need one. Just don't give the buyer a half dozen ridiculous ways to walk away from the deal. A short but unconditional "inspection period" (say 5-10 days) for your cash buyer might suit you best. Be wary if your buyer wants any other escape routes. Best of luck to you...

just spoke to a couple attorneys and was told that I should have the seller use their own attorney to review the contract before signing. He said there are no title companies in MA (who can be a Neutral party.) He said also that if they don't have their own attorney look it over they can say they didn't understand it. Additionally there is no state approved contract. Usually the realtor drafts a contract...my realtor told me that there are state approved contracts. This is much stickier than I would like it to be...

follow David's advice... you need to have your own attorney review anything you sign; you pay him/her a couple of hundred dlls for their time- it is well worth it until you get familiar with the contracts and feel confident using them....
don't worry about the seller's attorney.. you want to cover yourself

I just spoke to another attorney who said he currently works with people doing what I am attempting to do. This is good news because he obviously knows exactly what I need to do. I am meeting with him on Monday...

It is all becoming clearer now...little buy little! I can give the seller 5-10 days to inspect the contract and that would be their time to bring it to an attorney. Thanks for your patience, I am getting through this learning curve.

If you do everything you're supposed to, have your attorney double-check it, you're safe. Yeah, I guess a seller could say he didn't understand it, but then he'd have to explain it to a judge. If he's lying and you wrote your contracts in "plain English," that excuse will fall apart fast. Plus, even if they ran it past their attorneys, there's no way you can prove they did or did not, so arguing over that really won't win or lose anything for you.

As far as the term "state approved contracts" go, technically, there is no such thing. It's an informal phrase RE salespeople (brokers, agents, Realtors) use to try to impress people and convince them (almost dishonestly, really) that you "must use THIS form," which makes getting their commission out of you that much easier. The truth is, no state ever typed up a sales agreement and said, "we approve this document for all real estate sales."

What they mean is, every clause in this agreement has already passed the legality test with the judges of this state. Which really means, this contract won't be thrown out in court because of any mistakes or bad clauses, it's worked for other people in the past, and it'll work just fine for you now. But always make it a practice to refuse someone else's contracts, terms, etc. as a 1st response. And always read everything before you sign anything. You'll be fine...

Just want to make sure I am on the right path. I complete an offer to purchase a property and during my 'inspection window' I find a buyer and we complete a another contract between him and I for whatever we have determined the deal will be. Correct? If my offer sheet with the seller states I can assign it do I need a need that contract between me and my buyer? Thanks.