Assignment?

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I was reading through some intresting ideas the other day and wanted to know more about assignment.

What I was reading said to find a house with equity, but down a small amount of money ($10) to show you are interested, and on the contract put down something such as your name and as assigns or something like that.

Does this sound familiar to anyone and if so what is the process? What are the pros and cons of this?

Thank you for all your help.

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