If The Bank won't allow A Assignment Clause How can I Assign My Foreclosure Or Short sale over to my End Buyer ?

Kanza you have to do a double closing using transactional funding. You buy with transactional funding, then 1 hour later sell the property to your end buyer.

Do a Double closing using Transactional Funding. You close with the Bank at 1PM, you close again with your buyer at 2PM with a profit. Blessings to all. LA

You don't do a Short Sale without using a Real Estate Agent. You list it with him at the same time.

Always check the Laws of your State.

Ok thanks So heres what I understand

I do A Double closing with the Bank & then do one with my End Buyer

if i'm wanting to Assign my shortsale Use A RE Agent RIGHT?

You close with the bank and then later on close with the buyer

This might be another option or 2. I hear if you know who the buyer's name is, you can put that on the purchase contract, then once the deal closes, deed the property out of your name to your buyer's name. OR (I've heard) you can sign the PA with your LLC. as the buyer, then sell the rights of LLC to the end buyer for your fee.

For the right terms, you can probably also use a HML, since they could close anytime, but they also charge a fee. hmm...

I have actually done several of these. On all occasions the b to c transaction took place before the a to b. So stating you close first and then your buyer comes in is not true all the time. However it really does not matter. The key to doing a double close using transactional funding is having your buyers money in escrow 24 hours before closing. The transactional funder will not do the deal unless your buyers money is in escrow in advance. In other words no real buyer with real money no transactional funding.
I do short sale flips the exact same way using transactional funding, Either strategy requires POF and a copy of earnest money check with every offer, no exceptions. When the offer is accepted and you sign the contract you must provide actual earnest money 24 to 48 hours after the contract is signed by both parties. Then sell it to your buyer using your own purchase contract. Then arrange the double closing with the title company and your transactional funding company.

Before all of this you must find a REAL DEAL that one of your buyers will actually take and you make money.

Michael Mangham
MD Home Acquisitions LLC

As usual, no responses to reality.

Good point. Just have a question.

Who will contact your end buyer to put the money in escrow 24 Hours before?
Please don't get me wrong, you're teaching me something here. Thanks. LA

You contact your buyer with the wiring instructions provided to you by the title company and tell the to wire the money 24 hours before closing.
My contracts have a non refundable earnest money requirement. This gets rid of investors that don't really have money or a real buyer themselves. My contract also states that the buyers money must be in escrow with the title company of my choice 24 hours prior to closing. These two things minimizes the risk of a flaky buyer backing out of the deal.

Michael Mangham
MD Home Acquisitions LLC

that if you have the buyer's money in escrow - you won't have to have your own money to close the first half of the transaction- in other word's it's like a "dry transaction" for you.
BTW I love the reality you bring. Nothing like actual experience - not just theory.
Gena

So is my contract with my buyers have a non refundable EMD. I agree with you. Great Info. Thank you.

Blessings to all. LA

that information is very helpful-I wasn't aware of needing the buyer's money in escrow 24 hours prior to closing...makes sense...

How much non-refundable earnest money do you normally ask for? % or set amount?

valerie

What do I do to change the deed over or get control over this short sale. This 5000 square foot home for 160,000? (newbie)

Gena,
Most Banks, title companies (99%) will not allow a back to back closing where you use the buyers money to fund your purchase.(REOs) You must actually go on title, purchasing with your own money(the transactional funds)then sell it to your buyer. The transactional funder will not wire the money to close the a to b unless the b to c money is in escrow. This is how it works.

Valerie,
I usually require at least $1000 more on my earnest money requirement that I have with the bank on my contract.

Investor271959,

Get an accepted offer from the lender, put it under contract and purchase/flip the property.

Michael Mangham
MD Home Acquisitions LLC

You are right about Mike Mangham, and I will say this he may not be the posterchild of DG.com but that mans KNOWS what he's doing and what he's talking about all day everyday 365!!

thanks I've written this Down & Will do With my End Buyer . Wow I Never knew these techniques until Now .

This is what I'm getting , I Lock up A contract w/the banks to Buy the Shortsale & Foreclosures , I then Use my End buyers Earnest Cash to secure Our Deal & then put The Earnest Cash into A Escrow Account for Closing & then do A deal with my Buyer within an Hour after I close with The banks to Re-Sell The Properties over to my own New Buyer the Same Day using Transactional Day Funding.

Can I get the owner to sign a grant deed (warranty deed) or Quit Claim Deed. Record the deed and just pay the back payments,sign a 3rd party release form so the bank can discuss the loan with me on behalf of the former owner? Newbie

Can anybody answer my question?

I'm not Sure Cause I've never Done this before type of closing , But Maybe someone else could help answer your question.

I would suggest that you make new thread about your question so that those who knows the answer to your question can see it in the Title or Subject of the topic you want to discuss.

And, yes you can. It doesn't have to be that complicated, either. It depends on what you are trying to do with the property as well. Are you wanting to live in it, or are you wanting to get a tenant buyer or ?

***

Would Michael or anyone know if theres some sort of "delay" required before you can immediately resell the property?

Say you set everything up, close at 12, & are scheduled to close as a seller one hour later. I seem to have read somewhere that theres a required "hold time" for the property? Or maybe its just me?

Thanx in advance!

Z

Can you answer my question about short sales?

I wanted to to live in it but payment could be a little high for me now. So I wanted to sell it. But you were saying it doesn't have to be that complicated. newbie.

Could you answer my question? Thanks for in the input you guys are awesome.

Its at the point of no return until it approves so I doubt they will want to hear from an outsider if they're in the process of adjusting it.

I could be wrong however. I doubt it though.

Ok So I Told My End-buyer upon Funds He claims he sent them yesterday by direct deposit & I know w/ wachovia bank it takes at least 2-3 days for them to post a Direct Deposit to your Account so I'm going to check tomorrow to see if the funds have posted if so i'll start the process , if not then i may just use $20.00 of my own money to use as earnest cash , i kinda don't think he sent anything but i'll check friday or monday around 10AM & 12PM cause Wachovia Usually Holds Direct Deposits for A Few Days before Posting anything so I'll keep checking .

If you catch up the back payments on the loan then you're not doing a short sale you're trying to assume the mortgage. The banks not usually going to do a short sale for someone who's payments are current. Why aren't you just offering the bank a price below FMV and buy it that way as a short sale? The other option you could do is to catch the payments up and do a L/O on the property. Good Luck

You could by the property in a land trust and then assign the trust to the end buyer