Is it true that with assigning in CA you have to do a double closing?

Hi fellow Californians,

I still can't get clear on that matter. I went to The Edge 2010 and was told we could not do that in Ca. I even asked on the microphone. Dean clarified it. One of the speakers later in the back of the room said to call him but he didn't have a business card. And I can't find him. Bill O Rafferty was his name and he works out of San Bernardino. I would LOVE someone to say,... The exact way we can do the same thing in Ca. only different is,...... ? I couldn't get a clear answer from the success academy as well. I guess they don't have any Ca. working with them. DEAN,.... I need to know this Please. I talked to my title co. and they said,"Find the place and make the deal letting the buyer know what is happening, then tell your buyer you have a place for them and you kind of become the bridge like in the assignment but you double close, = you close with seller and close with buyer at the same time. But I need to be sure of the facts.

Good Luck, if you find out for sure, let me know.
Charisse

Thanks so much!

Penny

You need to use a trust to do it though. Headed out the door, but there are 2 posts on here that tell you how to do it. http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-... and another one entitled (can't remember the first part)'Cover Your Assets' covers it a little.

Thanks for the try, but that is just it. In Ca. we can't assign and we can't take the case number to our court house and look for a probate. What do you mean by a trust?

~C~

OK, assigning IS legal in CA, but banks don't allow it (here's a whole thread on it here: http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/5340...) ; there's a definite difference. BIll O Rafferty has a journal on here. (http://www.deangraziosi.com/real-estate-forums/everything-else/49717/bil...)

There are 2 ways around assigning REOs; through the use of a trust (easiest & cheapest) or an LLC. Please check out the threads in my above post for some more info on what a trust is.

I'm answering on the run again! You will really enjoy those links though!

Here's the link to the second one I couldn't remember the name of the thread:

http://www.deangraziosi.com/real-estate-forums/everything-else/54090/wha..., but KimmyJ's link is much more extensive and full of questions.

But, you can still do regular properties that aren't REOs with assignment or double closing. REOs you must double close on if you don't use trusts or an LLC.

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John A

is a legal term and can be used for other contracts than real estate. Its the banks that don't allow it in real estate so people get very confused about the legality of assignments. The key is to use 'and or assigns' after the purchasers name, unless you are using an LLC or land trust.