Posted by Paul C on January 23, 2002 at 22:54:58:
Most of the time they will accept assignee contracts.
Also, remember that if their contract doesn’t specify that you cannot assign it then legally you dont even have to put that clause in.
Good escape clauses are subject to contractor’s/partner’s inspection, or subject to obtaining financing
Contract Assignment & REO’s? - Posted by Barry (FL)
Posted by Barry (FL) on January 23, 2002 at 20:41:53:
Will banks even consider a purchase agreement for an REO property that I fill out as, Barry (FL)/or assigns, or will I be wasting my time?
Second, If they will accept, what should I add as an addendum for an escape clause if I can’t find a flipee?
Correct wording on this would be appreciated.
Thanks in advance, as usual,
Barry
Re: Contract Assignment & REO’s? - Posted by JoeS
Posted by JoeS on January 24, 2002 at 23:13:29:
It depends on the state where you live. In NY, if a contract to buy or sell does NOT have the wording in it disallowing assigning, then the contract IS assignable. In other words, here in NY if you do not mention anything about assigning at all, then the contract IS assignable.
Re: Contract Assignment & REO’s? - Posted by Nate(DC)
Posted by Nate(DC) on January 23, 2002 at 22:55:06:
Highly unlikely they would accept it unless they are an unsophisticated (read: low-volume) seller. The big REO mills like Ocwen et.al. do NOT allow an assignment clause.
NT