Posted by B.L.Renfrow on April 12, 2000 at 09:22:06:
Depends on the FMV of the property; you can’t just pick a number out of the air, like $8000…besides, the typical assignment fee is more like $1-2k.
Now, if the property is worth, say $78k, and you have it under contract for $70k, then I see where your $8k figure is coming from. In that case, the buyer gets a loan for $78k less their downpayment. The amount above the $70k sale price is shown on the closing statement as a mortgage discount or assignment fee or whatever. Good luck finding a lender that will do this, however…particularly if the buyers have any credit issues. Might be better to create and sell a note, or you could take your $8k in the form of a note.