Posted by Jim FL on August 01, 2001 at 18:19:46:
In my opinion, the BESt way to get a deal closed, where you secure a purchase agreement with a lender, where the agreement is NOT assignable is to simply do a simultaneous close.
This way there is no assignment at all.
Certainly there will be additional closing costs, but if you get into the deal at a low enough price, this should not be a problem.
The issue with this would be, with some lenders, “proof of funds”, since many are requiring this now days.
You would need a letter from a lender of some sort showing that you can close the deal.
and, if you are buying right, getting a hard money lender to give you this “proof of funds” should not be a problem.
That’s just my $.02, if I follow your post correctly,