Posted by Ben (OH) on November 15, 2006 at 07:06:34:
Problem we run into is with the assignee/assigns lender. Often they will not fund if the HUD reveals an assignemnt fee. We switched to invoices “for RE services rendered” and that is being challenged by the same lenders.
Bank forbids assigning contract? - Posted by Pete CA
Posted by Pete CA on November 14, 2006 at 06:07:35:
The bank I am buying this REO from has included an additional 9 page addendum and in that addendum it states that “this contract is not assignable”
Why is the bank forbiding me from assigning this contract? Has anybody assigned a contract even though the bank clearly stated that it cannot be done? I wouldn’t do it but I was wondering if anybody has heard of it being done.
Besides actually closing on the property then reselling it and starting another escrow what are some other options I have? I would like to make the most money in the shortest time period with the least hassle 
of course…who doesnt?
Purchase price $117,000
Fixed up Value $180,000
Fixup needed approx. $20,000 (interior/exterior paint, carpet, tile, windows, bathroom, and kitchen.
It’s 972 sf 2 bed/1 bath
Any ideas?
Re: Bank forbids assigning contract? - Posted by Kevin - WA
Posted by Kevin - WA on November 16, 2006 at 15:08:11:
You could do a double-close with your new buyer on the same day. You have 2 escrow fees, but you have room, based on the numbers.
KLM
Re: Bank forbids assigning contract? - Posted by Stan
Posted by Stan on November 14, 2006 at 15:06:59:
Do you already have a buyer for this? If not, then what is your plan to market this? How will you come up with a buyer? If you do not come up with a buyer, then what will you do? Will you close then yourself? Need to know this beofre we can help.
Re: Bank forbids assigning contract? - Posted by Kristine-CA
Posted by Kristine-CA on November 14, 2006 at 09:27:57:
This is a well known issue regarding REOs. You can do a double close
but that usually requires that you have selected the escrow agent.
What does your contract say regarding escrow selection?
If you can select the agent, then you can can find one who is willing to
do what you are trying to do: open two escrows and have the agent
use your buyer’s funds to close your purchase with the seller.
There are a lot of variables in a double close–there are more players
and more things have to line up and happen at the same time. You
may want to do some reading here about double closes, simul closes.
But first you need to determine if there is a closing agent that will work
with you. Kristine
Re: Bank forbids assigning contract? - Posted by Pete CA
Posted by Pete CA on November 16, 2006 at 03:06:29:
I have had several offers on the house because I listed it on craigslist and other free classified websites. I have two written offers for $130K. I close this Friday.