Posted by Jim CA on February 02, 2001 at 17:04:50:
No. Closing is not involved when assigning a L/O. BUT THE ABILITY TO ASSIGN THAT AGREEMENT DEPENDS TOTALLY ON THE CONTENT OF THAT AGREEMENT. “Can it be done?” and “Can you sublet?” You will need to review the agreement and determine if it is possible. Worst case: You will need to negotiate with the seller for a new and better agreement.
IS CLOSING INVOLVE WHEN ASSIGNING L/O - Posted by charles
Posted by charles on February 02, 2001 at 15:59:33:
HELLO ALL,
I AM THINKING ABOUT TAKING OVER PAYMENTS FROM A T/B WHO
IS SELLING HIS HOME HE IS PRESENTLY PURCHASING ON A
L/O. HE WANTS OUT. HE RESPONDED TO AN AD I HAD IN THE CLASSIFIED,HE WANTS TO KNOW CAN HE ASSIGN HIS L/O. HOW DO I GO ABOUT STRUCTURING SUCH A DEAL SINCE I’LL BE SUBLETTING
IT MYSELF.I DROVE BY THE HOUSE ITS AN OLDER HOME IN A NEIGHBORHOOD WHERE THE HOUSE NEXT DOOR LOOKS LIKE A SHACK
AND DESERTED ALL OF THE OTHER HOMES ARE OLDER AS WELL.I
PULL UP COMPS AND FOUND THE HOUSE IS VALUE ONLY AT $21,030.OTHER HOMES IN THE AREA HAVE SOLD FOR $30,000 AND LESS.HE PAID A STAMP VALUE OF $26,000 BACK IN 1985.THANKS IN ADVANCE FOR YOUR INPUT.
SINCERELY,
CHARLES
P.S:IS CLOSING INVOLVE WHEN ASSIGNING A L/O?