Assignment with Retail Buyer - Posted by Del'Win

Posted by lukeNC on March 24, 2006 at 08:12:51:

nah…

just a battle-hardened veteran of the biz…I’ve seen it all and been through it all…

Assignment with Retail Buyer - Posted by Del’Win

Posted by Del’Win on March 23, 2006 at 17:00:06:

I have a house under contract for $100,000 and I’m selling to my end buyer for $130,000. Since my buyer will be getting conventional financing how do I get around the lender barking at my assignment fee which will be a large sum?

Del’Win

Re: Assignment with Retail Buyer - Posted by lukeNC

Posted by lukeNC on March 23, 2006 at 17:24:19:

only way this will work is if the buyer gives you $30k and closes with the original owner for the $100k.

Otherwise, you could take a note for your fee.

Re: Assignment with Retail Buyer - Posted by DaveD (WI)

Posted by DaveD (WI) on March 23, 2006 at 17:22:21:

You won’t. Unless your buyer has 30K to pay you, and whatever else he needs to put down to satisfy the lenders requirement for a 100K purchase, you are simply using the wrong tool. A better route may be to double close so the lender is seeing a 130K purchase price. Be sure you are working with a lender who doesn’t have seasoning problems. Otherwise, the time to change lenders is now!

Looks like a payday here, but you better start getting in control of your deal.

Re: Assignment with Retail Buyer - Posted by Ken-Orlando

Posted by Ken-Orlando on March 23, 2006 at 20:13:35:

You are very shrewd, Luke.

Re: Assignment with Retail Buyer - Posted by Del’Win

Posted by Del’Win on March 26, 2006 at 08:05:13:

A friend told me to do a performance mortgage. File a deed of trust on the note and that should take care of the lenders objection.

Del’Win