Posted by Danie on November 30, 1999 at 10:57:46:
I have a signed contract tying up a property. I have a buyer for the property. I structured the sale so that I could assign the contract to my buyer for a 5,000 assignment fee. The problem is that the loan she qualified for is a loan to purchase price loan. I don’t know a lot about loans but it seems to me that the loan officer could just have my buyer reapply or switch things around so that she could get a LTV loan. The property is worth 65,000 I’m selling for 62,500 (my assignment fee included).
My other option is to do a simultaneous closing. If I do that won’t I have more closing cost? Does anybody know a lawyer that does this in the Norfolk, VA area? How can I save my deal.