OfflineOk i know you can not Assign REOs & Foresclosures ect ect there for you most likely have to Sell the Property to End-Buyer within An Hour after closing with Banks .
So Heres My Question ?? ......LOL
Whats the Difference in Assigning A Property & reselling A Short sale ?
Cause to me your Simply doing the same thing but only with One you don't Use A "Assignment Clause" your Simply resell it while its still under contract.
So can anyone Answer the Question .
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In an assignment, the purchase contract has "and/or assigns" and you then have an assignment agreement which gives the buyer all rights and responsibilities of the contract in exchange for a fee.
A double close requires the first contract to be fulfilled and a totally separate purchase agreement is made with the ultimate buyer. It is generally more costly because transaction funding or a bridge loan is usually needed because most title companies will not close the first contract without payment. A "dry" transaction refers to one where the funds for the second deal are used to fund the first deal. And a "wet" transaction is when funding is needed for both deals. Dry transactionr=s are not very common these days, at least not in WA.
I'm assuming you didn't really mean to say "short sale" which is when the bank agrees to accept less than is owed on a property, and of course not all REO's will be short sales.
Blessings & Favor,
Gena.
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