Assignments, Assignments, Assignments!!

Always fully disclose everything you do! Clearly and upfront.

Just a tip for those who are telling you that you don't have to disclose what you make.
1. At the very latest if you hide info from the buyer or your seller ALL will become known at the closing table
2. This is not a good place to have a dispute!
3. Let the seller know how much you are planning on making when you sign the purchase agreement with them.
4. Let the buyer know how much your assignment fee is upfront. If you have a good deal they will not care!

Michael Mangham
MD Home Acquisitions LLC

Michael you keep them all strait.

I hope you had a nice Christmas today.

Hey Guys. I have some really important issues you guys might be able to help me with. Since I'm finding alot of REOs, I can't do an assignment on these because as you know banks don't do assignments. The only way to do this is with a double closing wich is something I'm not really comfortable with. As you guys might know banks might have a problem with this because they have title seasoning so closing back to back on the same day might a problem. I was thinking maybe calling some banks in town who don't have a problem and have my cash buyer get pre approved with them. Another issue is proof of funds. I did find a private 24 hr lender who funds double closings but I want to make sure I have no doubt in my mind that this will work. If anyone here has some expertise on double closings and this matter I will really appreciate some feed back. Thanks.

I just got threw reading a post under short sales which said to get around the assignment issues with short sale, and I would think this applies to REO's as well; you can add a addendum to the purchase contract adding your end buyer on as a second buyer and prior to doing this charging him your fee up front to do this. And then your second buyer can just close out escrow in his own name. Hope this helps..

This is an old strategy and is not working with lenders in today's market. Maybe 1 in 500! Don't waste your time trying to put a round peg in a square hole!
Lenders know they have gotten an offer from a buyer with no money themselves!

Also, MOST investors don't pay until closing in the real world.

Just my opinion!
Michael Mangham
MD Home Acquisitions LLC

OK Im all ears, what was it with REOS? Theres alot of them on the market now ,and its not getting any better,so short sales, and having your owen money,the only way to play in this Reo market??heck Ive see a house thats gone thru a auction, and the bank still owens it??? bthe area comps are 125k 130k and i thought i seen it was re taken back fromm the auction for 78k i know the house min repairs if any just paint carpet. Ill re check. its empty and been empty for awile. how would i go about inquiring about this property??? John Mccarty

John the reason those properties don't go at the auction is because at the auction you have to pay cash,and you are biding against the bank for what is still owed on the property.

I buy from the auction a lot but you have to leave a large margin, and in today's economy most houses are upside down.