OfflineI just posted in the "Contracts" forum and thought I should pass this along in this forum as well.
I *just* got off the phone with a Real Estate Attorney in my area (Daytona Beach/Volusia County (east-central Florida)) who said that although assignment contracts are perfectly legal in Florida, they CAN NOT be used in short sales.
So, to save some headaches and/or wasted time, don't consider a short-sale if you plan on using an assignment strategy.
Hope this helps!
Rock on,
Chris
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Quotes about me from other users:
"...high and mighty ... I have to bring the hammer down on them"
- My response: "The view from OUTSIDE THE BOX is a lot better than from INSIDE."
Of course Banks will not allow A "Assignment Clause" Even I knew this .
in order for you to Pass A Short-sale over to A new buyer is to re-sell it within A hour of closing with the Bank & do A double closing with Bank & your End-Buyer .
I Call it " The Double Whammy" were you Lock up The Short-sale but not as A "Assignment" but to resell & do A double closing with both parties.