HAVING PROBLEMS ASSIGNING MY SHORT SALE CONTRACTS
WHEN I NEGOTIATE A SHORT SALE WITH A BANK I AM HAVING PROBLEMS ASSIGNING THE CONTRACT. THE BANK SAYS I MUST CLOSE. EVEN IF I COULD CLOSE, THEY WILL NOT APPROVE MY ASSIGNMENT FEE. WHAT CAN I DO. 
The contract should state that it is assumable, and if it is signed then they really shouldnt care as long as whoever takes it over closes quickly. I dont understand the assignment fee question. If you are expecting the bank to pay you for assigning the contract, you will be dissapointed. Most banks only care about getting rid of the problem and losing as little money as possible, they more than likely wont pay you a fee. In the past I have gotten my assignment of contract fees from the person getting the contract, not the seller.
Hope that helps,
Kyle
I agree, the banks will not pay you a fee.
Generally, you get your "assignment fee" from a party you assign the contract to.
If the contract accepted for short sale by the bank does not contain the assignment clause, then you must proceed to escrow for a 'double close" Otherwise, you are out of the deal as soon as you assign the contract, have nothing to do with escrow and go right to the bank with you check from the buyer.
Good Luck
dieter,
Is it the banks position that the contract is not assignable? Will they only close with YOU on the deal YOU negotiated with them? Please bear with me, I'm short on experience with short sales, and I'm trying to understand.
If the above is the case though, it doesn't surprise me. The bank wants to get rid of the property, but you trying to assign the deal to another investor is indicating to them that they left too much money on the table. That's not their goal, and if someone starts asking questions when they get audited, it puts the loss mitigation specialist in an uncomfortable position.
You may need to bring new money to the transaction, actually close the deal yourself, and then sell to your new buyer.
Just my two cents.
Jeff