How Do U Get The Check In Your Name

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i have a short sale submitted the contract have a buyer, how do i get the difference of the check in name instead of the home owner mad

Comments(2)

  • alarson30th July, 2003

    Have the owner sign an assignment of proceeds or something of the sort authorizing the title company to make the check out to you. Best to have it notarized. Our title company will take one that isn't, but just to be safe.

    Something to the effect of:

    "We, ________________ hereby authorize (you) to receive the proceeds check from the closing, payable to (you), at the closing of our property at _______.

    We agree to hold the disburser of funds harmless for honoring this request."

    Or something like that. At least that's all we need here.

    Good luck.

  • investorkim30th July, 2003

    Or, if you have a better relationship with your buyer, you can use an "assignment of contract for purchase and sale." It reads..
    In reference to the contract for purchase and sale dated (fill in blank) between or Assigns, Buyer, and ( fill in blank-buyer's name) concerning property described as: (fill in blank)

    Buyer hereby assigns all rights to said contract for sale and purchase to Assignee in exchange for compensation in the amount of (fill in the blank)

    **then you sign as assignor, they sign as assignee
    ***************8
    this works well when dealing with 2 mortgages, I explain that we are going to the closing table with only 1 of the mortgage companies and that the other will be paid off separately, which is true!

    sounds like you've got the most important parts down: the paperwork is the easy part-good luck to you!

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