making money with assignment

You need to equity to be able to sell a property and make a profit in the middle.

REOs are ideal since the banks have 100% equity. However, banks more and more don't like assignment (in that term) and you have to do a double close to simulate an assignment.

FSBOs are the primary types of property for assignment in the classic definition. Plenty of people have equity in their homes... plenty. So if you want to do a straight assignment, look for homes with equity. How? An easy way to screen them it to put them in our www.totalviewrealestate.com research site and see the last purchase price. Sure, they could have 2nds/HELOCs against it, but it will tell you who is off table and not right away.

For anyone reading this who is getting started, so many of the posts and questions are in regards to people who have a friend, or friend of friend that they found out is facing foreclosure and think, "wow, I just found a deal".

I haven't heard many that ever were actual deals. Why? Foreclosures happen because the house is underwater almost always. If the house had any real equity they would be able to sell it and there would be no foreclosure. Sure, there are some people who fight it to the end who have equity, but it is rare.

The point, do not spend too much time or energy thinking the first thing that falls in your lap is a deal and you can work something out on it. Often this becomes a distraction from really getting out there and taking action on real prospects.

When a house is upside, the only solution you have to turn it into a deal is a short sale, or by monitoring the situation to pick it up in foreclosure or when it is REO.

Thanks for your insight on what constitutes a deal and what doesn't. Very helpful to plenty of people.

Hi,
Was just wondering what was meant by "double close
to simulate an assignment." I've found an REO that
is bank owned and not handled by a realtor that
the bank is asking $82K for. I was planning on finding
an investor who would be interested in it cuz of lack
of my own funds. Houses in the area are going for over
$200K

Thanks DGAdmin

Leo NJ

if you don't mind. Double close is essentially just that a double closing, you close with seller paying your closing costs, getting possession of keys and whatever else conveys with the property and than you turn around sell the property to your end buyer who pays their closing costs, turning over to them the keys and so on and therefore you've completed a double closing. You can have an attorney or title company (if you find one that does DC) to handle the closing for you.

Yes, I see what a double closing is now..OK
I appreciate it.
I was of the mind that with REOs, you deal with
the bank and make an offer. If they like the offer,
you introduce them to the people who you know have
the money to actually buy it. But, that I suppose
leaves you with less of a finder's fee than if you
actually have possesion and then the ones you assign
the property to deal with you.
I also understand now that FSBOs are the better way
to go if you're re-assigning. I believe I saw a post
above about that.
Thanks again.......sorry for delayed reply. I did see
your answer a week and a half ago but didn't reply
that day.
I'm eagerly awaiting my EDGE-Kit. I have another question
on another property I've spotted close to me.
I'll ask it in a seperate post

Thanks again,

Leo NJ