I have a few questions:
1) As I am still learning regarding the value of homes in different areas, I am relying on Realtors to help me determine the after repaired value of homes I am considering flipping. As an added cushion, I am considering adding "subject to appraisal" to my purchase agreements. . If necessary, I could add "...for at least x number of dollars". Is this a good idea? Why or why not?

2) I have a house under contract now and am struggling with how to explain to the seller who the people are I am bringing over to look at the place. I don't want to say, "Well, actually, I never intended to buy this place. I am just going to find someone else who actually wants it and assign the contrac to him/her." That will leave the seller feeling mislead and like he could have gotten more money if he would have simply done more advertising and cut me out of the middle. How should I transition the seller from thinking of me as the buyer to thinking of the person I assign the contract to as the buyer?

3) It looks as though I may have over-offered for the property I have under contract. Fortunately, the agreement is subject to my inspection all the way up to the closing date so I shouldn't have a problem backing out. If I decide to do that, how do I officially cancel the agreement? Do I have to get him to sign the cancellation? That might be hard. Do I need to notify him in some way that is provable that I did so? Of should I just write him a letter explaining that the place didn't pass inspection? Please, let me know your thoughts on how to safely back out if necessary.

Thanks!

Scott