OfflineI been recently taking with a new real estate agent im trying to work with. My other agent was a busy person who concentrated most of her time on other things of her life and we really couldnt work much so she gave me this new person as a referal to work with him. Anyway this agent does alot of investing himself and has investors that work with him, he is telling me that the way to make money is goinging into trustie deals where I would need money to invest... He is telling me assignments contracts are no longer working in Tucson AZ becouse the banks wont asign there propiertys. Also he told me if we would do asignment contracts the property has to be 100% clear or the person selling the house cant be owing more than he is trying to sell the house. Example, lets say the house is worth 200k but he wants to sell it and were offering 150k but his loan is 175k who is going to cover that 25k lost the bank is going to take ?
Need opinions
Posted on: Mon, 10/18/2010 - 20:56
Hi Giovanni,
Your Realtor is only telling you part of the information. There are many ways to get into a property even if they owe more on it than what your offering.
There are many options available to you. And you can still hand the property to someone else even if its bank owned you just have to do it a different way as in a double close or simultaneous close. This is where you would actually close on the property and then you sell it to your buyer and they close either the same or next day.
If they owe more than what your offering than you can still negotiate with the bank and do a short sale for the price you are willing to offer provided the seller accepts your offer. Your Realtor should know this as well. If not you will definitely need one that is very familiar with short sales.
I hope that helps.
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