Posted by mattc670 on August 14, 2003 at 10:44:56:
Mark - I’m new to REI, and looking at a similar
deal. Hopefully those that have done several like
this can comment also - but here is what I’ve read
here and other places.
(1) I would think it would be best to be able to
assign the contract directly to the buyer - who
would pay you your assingment fee (if it is not that
large - maybe 2-5K). They would then close with the
seller, and you’d be all set
(2) Barring that - maybe you could take some kind of
promissory note from the new buyer - but somehow
make it secured by the real estate underlying? I don’t know how to do this - but I had read a similar suggestion somewhere.
(3) Or - you could do a double-closing with a title
company or attorney. My question for all is would it
be possible to make the buyer pay all closing costs for this double-closing (since it is more expensive) - so you can get your full assignment fee.
Just my take, as I said, and hopefully the veterans
here will chime in also. Good luck.
Does anyone know the name of a lender who understands an assigned contract and will fund the deal and allow me to be paid my assignment fee? I’m getting a lot of responses like, ‘that’s a flip and its illegal’ and other uninformed comments. I am in Georgia.
Plan is to assign to a retail buyer and get paid at the table. Anyone who has done this and has pointers, comments are welcome.