assigning foreclosures

First I need to know what you are talking about. When a property has been foreclosed on and did not sell at the auction it goes back to the lender and is now an REO. Those can't be assigned these days in 99% of the cases.

Now a property in PRE FORECLOSURE can be gotten under contract and assigned.
Usually you can not BUY a property with no money down. But then again, you are not looking to BUY properties when you assign contracts right?

Michael Mangham
MD Home Acquisitions LLC

The contracts coming from the lenders are non-assignable. Asking for them to be changed kills the deal. You know anyone that is getting assignable contracts on REOs these days? The lenders know what's up! They don't want anyone locking up their properties, then running around trying to find a buyer. They have had too many properties given back to them when no buyer can be found.
You just do a double close and avoid the problem. As far as the lender knows you are a cash buyer. That way you will get an accepted offer.

Michael Mangham
MD Home Acquisitions LLC

my partner and i are new investers and just starting to get our feet wet. this is great information for us. thanks for the info michael. these forums are a great source of information for newbies like us. thanks to you dean.