OfflineIm confused Ive read Deans book Profit From Real Estate in a Down Market and joined the success academy but still havent gotten my questions answerd. Im a new investor Ive been at this 3 months and want to do assignment of contract. I want to assign contracts using bank owned homes. Ive contacted fsbo and most of them are trying to sell there home for more then its worth. The only ones selling below market value are other investors. I dont know if they would be a good source since I want to assign the contract to another investor.Im told to contact realtors. The realtors I know have bank owned properties.The coaches at success academy tell me I cant assign a contract on a bank owned home unless I have an LLC I dont have the money to purchase an LLC right now.Any advice please.
assigning bank owned properties
Posted on: Thu, 08/13/2009 - 20:52
The two instances where assignments are hard to get accepted will be where the lender acts as the sellers. Short sales and REO property. They will usually have a "non-assignment clause" in the contract. There is alot of other properties that you can assign on. Yes, FSBO property is usually overpriced but also FSBO aren't usually that motivated to sell. Use your agent to show you other properties that are listed or depending where you live, preforeclosures. Meaning, where the owners have equity in the home.
When you are an investor, we don't care what they are "asking" for their property. It's up to you to do the calculation and write an offer for what you want to purchase it for. You will never know who is motivated to sell unless you make an offer. Hope this helps.
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