Washington State assignments

True, you can't assign 99% of REOs, That is why you should concentrate on finding home owners that are motivated and have equity. They need to be in some kind of a distressed situation. Foreclosure, divorce, loss of job, need to move, probate. etc etc. No realtor needed!
It is not easy and you will face a lot of rejections to get one, It's not easy and takes a lot of time, effort and work. But when you get one it makes up for it all. Huge learning curve coming up!

We flip REOs using transactional funding and double close. Not as easy as assigning but same basic thing so don't stop offering on REOs. You will need POF and copy of earnest money check on each REO offer.

Michael Mangham
MD Home Acquisitions LLC

I asked. Some investors say they just do a double-close on same day. Sometimes they use a bridge loan in between. And sometimes it's possible to save on closing costs instead of having to shell out for it twice.
Thanks for your question; it's helped me to ask around too to learn and understand these creative solutions better.

What area? Do you belong to REAPS? Love to meet you and share one day. I'm on the eastside of Seattle. I have not yet done an assignment, but know several people who have here. The above advice is right on.
Gena

If the banks aren't accepting the ans/or assigns, have their title company do the paperwork and tell them you want to do a courtesy closing at your title company. Basically what happens is they send the papers over to your title company. You title company has the funds setup from the buyer to close both transactions, and you should be good. There's a video on youtube that explains about it in detail. Then your title company sends the paperwork back to the other title company and you're good to go.

I do ALOT Of my work in Oregon / Washington area and if i put in an offer with and/or on it, 9 times out of 10 it gets rejected, i had one guy at Bank of America tell me "An assignment contract sent to us does not give us as much promise as someone with an offer and funding" or something like that

If you are going to work with REO's double close them, its fast and gets things done a lot faster.

Small town banks bay be easier to work with on and/or assigns. (So I've heard...)

Hi, i'm still shadowing Rina in the frozen, now muddy, tundra. I shall be moving to Renton area probably August. In the meanwhile, i have homework assignments of...such as... learning how to research the area prior to getting there to be "boots on the ground" Would love to meet up with you after that! There has always been something new to learn and discover every day. Never a boring day!

DO NOT use and/or assigns.

he big key to doing this is to put the following in your contract:

"Vesting of title to be determined at closing"

That line basically allows anyone you want to close on the property. You can do an assignment of contract with this and get paid off the hud, but that is technically illegal (although tons of investors do it).

You can also do a contract release fee too. I'm not sure if that is illegal to do off the HUD or not (but like I said, a lot of investors do it anyway). You would have to check with a GOOD real estate attorney in your area.

You may not run into any problems getting your fees put on the hud if the bank allows you to use your own title company, but if they make you use their title company, you may have to work something out with your buyer to get paid outside of closing.