Posted by sue on May 02, 2006 at 12:09:38:
thanks for the replies.the buyer has given me $2500 cash ,and will follow with $2500 in a few days.i just want to be sure i am operating correctly.i have the assignment agreement signed,but i am not used to dealing with buyers that are using conventional financing.normally hml,or cash,so this is a first.since i recieved the $2500 ,i guess the worst that can happen is he does not pay the balance.$2500 for a few hours is not that bad.thanks
Assigning Contract to Buyer,Legal ? - Posted by Mike
Posted by Mike on May 01, 2006 at 24:37:00:
i have a house under contract ,for a cash price ,and a pre determined amount of time.I would like to assign my interest in the home,(contract)but the buyer wants to do a 100 % finance,and pull cash out.he has been approved,but i dont know of any legal way to get paid from the buyer.can i legally assign my contract and let the end buyer step in and purchase the property as planned ? i doubt the bank would fund an assignment fee to me ,and he says he has no cash.any advice would be greatly appreciated
Re: Assigning Contract to Buyer,Legal ? - Posted by DoubleJ
Posted by DoubleJ on May 02, 2006 at 10:59:21:
I only assign to people with cash or hard money.
Re: Assigning Contract to Buyer,Legal ? - Posted by Sailor
Posted by Sailor on May 01, 2006 at 19:47:07:
In spite of the fact I bought my 1st house in 1967 with $0, & have repeated the process several times, my advice would be that you do not count on this deal. Remember, a $0 deal refers to none of the buyer’s own ca$h in the pot. Very often there is $$$, sometimes a bucketload; it just doesn’t happen to be the buyer’s. If a buyer is totally w/out resources, your deal could implode, so make sure you have an alternative exit strategy. Good luck!
Tye