How To Quick Flip?
I signed a contract with seller for $125K and Buyer has agreed to pay $150K. Would the lender be ok with me assigning the deal for $25K? If not, Do I have any alternatives to sturcturing this deal?
thanks for your time
What lender? Give us further details.
You should get a title company that will even do this transaction. From my personal experience some WI companies will Sh*t a brick when they see what you are trying to do.
I have been told by owners of a title company that I could be throw in jail for what I am doing, and one even got their big city underwriter to tell me that I could be sent to jail.
This was a transaction when the new buyer was paying in FULL WITH CASH.
I have yet to find a lender that will finance assignment fees, unless you are using private money
[addsig]
I have completed several transactions similar to your deal. It was not an assignment of contract but two separate purchase & sales contracts and two separate closings. 1). Title company must be briefed and have experience with these closings. (Most are not) but keep looking their available. 2). If your buyer has good credit most lenders will fund the deal if the appraisal has been completed by one that the lender approved. The title company is the key, it happens everyday and it is not illegal.
Thanks Tomsteve. I did speak with a title company and they will be able to do what you recommended.
thank you all for taking time to respond to this post!