Before you jump in head first with this you probably need to purchase a course on this subject. Bronchick has a new course on “Flipping properties” that looks like it covers this subject. I don’t have it, but I do have another course of his on “Cash Cow” and it is very superb. You may want to ask about it on Newsgroup 2.
If you have the proper forms lined up you can flip a property to an investor and let the investor come up with the $500 deposit. As for banks/HUD/VA, forget trying to assign the contract. You almost always have to do a double-closing.
assgnmnt and land trust can somebody help? - Posted by Alex S.FL
Posted by Alex S.FL on January 21, 2001 at 21:22:33:
I have lots of questions but here is the tip of the iceberg.
Scenario #1 we have contracted on a house which we have the right to assign and a deposit of $500 to be put in escrow upon acceptance.
How do we assign the contract?
Do we right up an entire new agreement?
Once assigned how and when do we receive our deposit back? Where does the assignee put up his deposit?
We are running into resistance with banks and corporate institutions that won’t consider our offers because we want to have assignability and have been told that a land trust is a way around that. I would like to know how to go about forming a land trust. Also do I form the trust after the offer has been accepted and how do I assign the trust?
I need some serious help? If you would like any specifics on our situation please feel free to call @ 561-687-2407