OfflineHave a question that is from a couple months ago.
I had been looking at a home going to auction, but the agent wanted a sale before that. I asked for some advice on how to and if I should try this deal. I did walk away after reading the posts. But do have a question.
I was told that, if I had an end buyer, and couldn't do an assignment, but that I could as a trustee.
I would not have to worry about the financing and just turn it over to the beneficiary.
What paper work needs to be done extra, other than an assignment. Is there a different form for that situation. And would the agent do that on a place going to auction.
I have seen a couple auctions I would like to go to. I have a nephew looking for a property and has been pre approved already. But do I also have to know for sure that he wants that property. Is this a contract as a trustee I couldn't have contingencies on?
Hope I came across right, trying to word this so you can understand my question.
I am basically wanting to know how this works compared to just the assignment contract and purchase agreement.
Thanks
Sandi
Re: trustee selling assignment to beneficiary
Posted on: Sat, 01/01/2011 - 15:11
Re: trustee selling assignment to beneficiary
__________________
-
- by sandiboots
- Login to post comments
Sandi I don't know what your getting at with the beneficiary.
But I do know that if you win the bid at auction you own it, and if you don't have the funds at closing time you lose your deposit and they can charge you for any extra cost to resell it.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
This was before the auction, I know there you have to purchase right away.
This was a home they were trying to sell before auction. I just wanted to find out how I do the trustee to beneficiary. Would I use the same as an assignment and also with buying as a trustee, does the beneficiary definetly have to take that property. In other words, what if he (buyer) does not want that place, can I still have an exit claus on a contract of trustee in case it doesn't work.
I guess I didn't need to mention the auction, it was just that came up on a home that I wanted before it went to auction.
Does that help clarify what I am looking for?
I wasn't sure how easily an agent would be willing to do this vs just an assignment as an investor.
Sandi