??Owner carried note,Assignment??

If I understand you correctly, you have current owner (who is your seller) willing to carry a note on the property he sells; and you have a person (who is you buyer)willing to purchase the house and put a down payment on it. Without knowing more of the exact details, it would appear that you would buy the house from the seller with the understanding in the contract that he is carrying a note and then assign the contract to the buyer for an additional amount and/or assignment fee.

Example: Purchasing home for $95,000 with seller carrying $90,000. Sell to buyer for $100,000 with buyer putting down $10,000. Since you are buying for $5,000 less, you would keep half of the downpayment and give seller the other $5,000 to complete the transaction. Hope this helps.

I could do it like that.But i dont want to buy the house then sell it to my buyer for more,but i understand what your saying and i might have to do it like that .I just want to know if i could lock the house up on a investor purchase contract with the seller,then assign the contract to my buyer and get paid by the attorney when they close,kinda like a regular assignment only on a owner carried,instead of me having to buy the house and flip it to my buyer and close it twice.It's just a spur of the moment negotiation deal.The owner wasn't comfortable with giving me a lease option so i asked him about carrying the note and he agreed to let me do that for a purchase price $60,000 more than what he was asking and then he'll let me flip the note for a discount to a note buyer when it's seasoned so he can get cashed out.I have a pile of buyers and alot of them have $40,000-$60,000 to throw down,I've just never heard of anyone assigning a contract for a owner carried deal.

the new SAFE ACT laws do not allow you to do owner financing unless you are licensed by your state. I recommend going on the internet and looking up your state's Department of Real Estate to see if they enacted the law already or if it will start January 1 2011. For CA it begins January 1 2011. The loophole is leases with options.

Thanks for the info.i'm already familiar with lease options.But if a liscence is going to be required to do owner financing,I guess i better try and get this done before new years,or hire a broker.It's nice to know options are the loop hole,with my credit score i would be srewed without them,i'm sure alot of us would be with that said.