Re: What is A C******ative Assignment? - Posted by Irwin
Posted by Irwin on November 15, 1998 at 14:39:38:
I read Larry Hoffman’s success story. Basically, he found a land contract for sale, but couldn’t make a $6,000 cash payment for the equity. So he did what he called a “c*****tive assignment”. (The Sensor has banned this word. Why???) This enabled him to control and sell the property, pay everyone what they had coming and make $1,650 for his efforts.
I still don’t know what a co-operative assignment per se is, but it sounds like a simple contract assignment where the assignor (seller) remains a participant i.e. he c*ates in the sale and profits. At least, that’s the way Larry’s case worked out. In fact, the contract seller came out much better than he would have had Larry been able to pay hime the $6,000.
I’m doing something similar right now. I bought a home from a lady just before a foreclosure sale. There were numerous liens against the property, some valid and some not. Instead of giving her a fixed dollar amount for her equity which would have pretty low considering the liens, I agreed to take title to the property, cure the default, contest and/or settle the liens, sell the property and split the profits with her. It seemed like the easiest (and fairest)way to make a deal with her quickly since there was a complicated title situation, but a ton of equity. I suppose this could be called a cative agreement of some sort.
Since Larry trained with Claude Diamond, perhaps this is something that Claude covers more specifically in his course.
Hope this helps.