Can You Assign A Contract To Be Paid At Closing For A Shortsale
Is it possible to receive payment for a shortsale contract assigned to a buyer at closing. What if the buyer funds to pay you at closing have to come out of his loan proceeds. How would you instruct the title company or the buyer to pay you your proceeds with the amount showing on their HUD-1
i would like to hear the answer to this because there is a house that i wanted to flip to a firt homebuyer but she didnt have he extra 5000, that i wanted to transfer the contract to her and everything had to come from the mortgage company.
The mortgagee could balk, and rescind their approval if the 'assignment fee' is listed on the HUD 1.
It's best to develop your business plan early on, and structure the deal(s) accordingly. If you are the named Purchaser, you had better be prepared to close. It's never easy switching horses or riders in mid stream.
Is it possible to assign your interest in an approved contract? Yes. But not without first laying the proper foundation.
what is the proper foundation?