Posted by Frank Ross on July 17, 2002 at 06:12:12:
I just had the same problem, I was told by two different REO realestate agents, that they were informed in writing, that almost all major banks and all the government agencies have stopped assignments. You have to prove to them that you can close.
I asked, but did not get an answer to this question. If, I have a prequalifing letter when I make my offer and they accept that offer, will they close if I assign my contract to my end buyer? I don’t believe it is legal to write a contract to sell a property you don’t own, so the way I see it, they have solved the seasoning issue.
Now you buy, hold until they will allow you to sell.