How can I do a SS without using my money? can I assign a SS.? i'll do all everything but when it come to the part of cash or credit, can i just give it to some investor and profit from it?
Unfortunately, you cannot assign the short sale to another investor. The lender will not allow it. You do have the option of selling it to another investor using a double closing. A double closing is tricky because you may run into seasoning issues, or your name not being on the title. These situations can draw red flags with your buyer's lender and they may not want to finance it. The path of least resistance would be to buy the property yourself at a discount, hold it until the loan is seasoned and then sell it for a profit in the future. It would still be a great deal for you.
It's almost impossible to do a deal or deals sucessfully minimizing risk without spending any money... if you are serious about acquiring a property, and have otherwise prequalified the feasibility of acquisition, you should be prepared to lay out for due diligence... basic inspection(s), preliminary title/judgment searches, the costs for preparing a comprehensive and compelling Short Sale Proposal, etc.
Since you don't seem to be capitalized to complete the purchase on your own, to circumvent the assignment issue, you should (this is going to cost money, too) spend an hour with an attorney and CPA to devise a boilerplate LLC (limited liability company). The LLC would be the named purchaser, it's members would own the Contract to Purchase, an asset.
Your attorney will describe how an LLC's members can be added or removed...
An incoming member would pay for membership in the LLC. The membership fee would be proportionate to an 'assignment' fee.
But, if you want good advice, you've got to be prepared to pay for it. If you want a working mechanism, devised expressly for you and your particular needs... you've got to be prepared to pay. Consider it tuition.
[addsig]
In my last short sell with Household, the P & S was signed by the buyer as "john smith and or his assigns". John fell through but I found another buyer. I never meantioned it to Household. "Patti Smtih" was the buyer on the HUD.
Household took the money and never said a word.
I have not seen an approval letter that actually meantioned the buyer's name.
Unfortunately, you cannot assign the short sale to another investor. The lender will not allow it. You do have the option of selling it to another investor using a double closing. A double closing is tricky because you may run into seasoning issues, or your name not being on the title. These situations can draw red flags with your buyer's lender and they may not want to finance it. The path of least resistance would be to buy the property yourself at a discount, hold it until the loan is seasoned and then sell it for a profit in the future. It would still be a great deal for you.
Thanks homebuyer.
It's almost impossible to do a deal or deals sucessfully minimizing risk without spending any money... if you are serious about acquiring a property, and have otherwise prequalified the feasibility of acquisition, you should be prepared to lay out for due diligence... basic inspection(s), preliminary title/judgment searches, the costs for preparing a comprehensive and compelling Short Sale Proposal, etc.
Since you don't seem to be capitalized to complete the purchase on your own, to circumvent the assignment issue, you should (this is going to cost money, too) spend an hour with an attorney and CPA to devise a boilerplate LLC (limited liability company). The LLC would be the named purchaser, it's members would own the Contract to Purchase, an asset.
Your attorney will describe how an LLC's members can be added or removed...
An incoming member would pay for membership in the LLC. The membership fee would be proportionate to an 'assignment' fee.
But, if you want good advice, you've got to be prepared to pay for it. If you want a working mechanism, devised expressly for you and your particular needs... you've got to be prepared to pay. Consider it tuition.
[addsig]
In my last short sell with Household, the P & S was signed by the buyer as "john smith and or his assigns". John fell through but I found another buyer. I never meantioned it to Household. "Patti Smtih" was the buyer on the HUD.
Household took the money and never said a word.
I have not seen an approval letter that actually meantioned the buyer's name.
Brenda
Thanks all for your replies.
So.. Brenda.
Did you actually asign your SS?