OfflineI have recently met with an Agent who wants to help me find ROES to Assign to my Buyers.
She is willing to do it but she just needs to know exactly how the process works from start to finish.
Anyone with experience with working with Agents who do assignments ?
Thanks so much..
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Duncan,
You usually cannot do an assignment on a bank owned property or short sale. The bank will not allow you to assign the deal. You will have to do a double closing using transactional funding. You will need to find a lawyer or tile company that will do double closings and set up the deal with them.
You will need to submit a proof of funds letter along with your offer. Then once accepted by bank, get the second escrow started with your end buyer. A-B-C transactions are done every day. The investor will have to put the funds in the escrow account before the TF company will fund the loan. So, they will call to make sure in advance of the closing. Then you sign the paperwork on A-B deal and it gets funded. Then sign the paperwork for the B-C deal and you get what is left over after they pay the TF company and pay the fees associated with the closing. I hope this helps you out. Take care.
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Exactly You can not Assign REO's , you can however do A Double Closing w/Bank & Your End Buyer .