Short Sales and Assignments

I believe it depends on the bank and the forms they use; some will have the paragraphs specifically stating that the contract is unassignable. If the contract doesn't state anything, you can write in 'and/or assigns....' next to your signature.

I would suggest doing a short sale at the same time that you're doing other deals; the banks can drag them on for a long time... anywhere from three months on... I've been working on one since March... yes, it can be worth it if you're not sitting waiting for it...

Wishing you success,

Valerie

Short Sales in Ca. are extremely hard. I would search out an agent that specializes in these and has a negotiating team that knows how to play hardball with the Banks.

Andrew

Andrew,

Thank you I will try that

Valerie,

Thank You, I will try that and hope it works out.

If I'm correct I thought it was illegal to do assignments with Shortsale's , REO's , Foreclosures .

if I'm correct most bank's will not allow it .

in most cases you can however resell the home over to A Buyer by doing A Double closing w/ your End buyer that same day & within 1 to 2 hours after closing w/Bank I'm hoping this is what you're meaning you're doing cause other then that You should not be able to assign a short sale most bank's don't do them .

you may want to check out this thread-it has great info on short sales

http://www.deangraziosi.com/node/655

Valerie

"The FBI recently added short sale flipping, dubbed "flopping" by some mortgage fraud experts, to its list of recognized real estate fraud."

http://www.heraldtribune.com/article/20091115/ARTICLE/911151083

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"According to a member of Freddie Mac’s Fraud Investigation Unit, any misrepresentation related to the buyer, a subsequent transaction at a higher price, or the seller’s hardship reason to qualify for a short sale constitutes fraud."

http://www.dsnews.com/articles/short-salesa-breeding-ground-for-fraud-20...

Be careful. Do your due diligence and conduct your business accordingly. Ignorance of the law is not a viable defense.

A double close and be done with it. Most won't allow it. Save yourself the headache. On to the next...