OfflineHello all. I am new here and have a "new-be" question. I am preparing to write an offer on a bank owned property. I have no money to buy this property and want to flip a few contracts for some cash-flow to start out. Has anyone had any trouble with banks accepting assignable contracts? Your feedback is greatly appreciated.
Thanks,
JK
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Welcome to the site. It's good to have you here.
I've heard answers in here ranging from "No bank will accept that!" to "I do it all the time!" I myself have bought several REOs, but have never tried to assign.
Just make sure each place that needs your signature, you sign your name and/or assigns.
If you are using a realtor make sure they know you are going to do that, and then go for it! I think it depends on the individual bank what they will accept. You never know until you try!
Rina
P.S. Make sure you include your finance contingency, and ask for a closing date far enough out for you to find a buyer.
There are a LOT of great posts in the forums on this subject. Try to check them out!
Have you gone here yet?
http://deangraziosi.com/node/3355
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
You should not have a problem assigning a contract to another investor if you specify in the contract "and/or assigns". This protects you when selling the contract to another investor when doing a wholesale deal. You can also do a double close which is essentially the same as assigning a contract. I am not that familiar with a double close, but there are plenty fellow investors on here who can help you. Also, like Rina said above, you can explore this site and go to the above link
Nick Walters
Walters Property Investment Group, LLC
Thank you Rina & Nick. I will move foreward with the offer and see what happens.