What is a contract reassignment?

Contract reassignment is exactly what it sounds like: reassigning a contract to another buyer. It is a common practice among wholesalers. Sell Now Iowa chooses not to do any contract reassignments.

Here’s an example. Buyer Billy is a local investor who makes an offer to purchase Seller Sandy’s property for $65,000. Seller Sandy accepts. Before the closing date, Buyer Billy negotiates to sell that same property to Buyer Betty for $70,000. When closing day arrives, the property is sold to Buyer Betty for $70,000, but Seller Sandy only receives $65,000 while Buyer Billy takes home the difference of $5,000.