OfflineHi everyone and happy holidays . Awhile back someone had wrote in that while doing an iee their end buyers attorney couldnt legally put their fee on the hud-1. I never found out how they solved that problem and now i have an offer in and will have to use an iee and dont know what to do if that problem arises in this transaction. Can someone who has used an iee tell me if they have come across this and if so how were they able to get around it and get paid.
Frank
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" you make a living with what you get but you make a life with what you give "
has anyone done an iee and ran into this same problem and if so how did you handle it ?
" you make a living with what you get but you make a life with what you give "
Maybe I haven't heard the abbreviation before.
An iee is an instant equity exchange which is used when youre end buyer isnt using cash.
" you make a living with what you get but you make a life with what you give "
Get your fee from the buyer directly? Or, find a transaction funding or a friend who has the funds who you can use, and do it that way? I don't think the IEE method is used much, as the assign contract takes its place.
If you get it from the buyer directly, you rip up your existing contract with the seller, and make a new one with the seller and the new buyer for your contracted amount, AFTER the new buyer pays you, and you are out of the equation after
that. Someone explained it to me in another way, but I can't remember. Or, find a title company who is familiar with the IEE/simultaneous closing/assignment contracts and go that route. In a nutshell, the IEE seems like it's nothing more than an "invoice" per say to the end buyer.
Its more then an invoice its a method of wholesaling a house to an end buyer who is using bank financing . Banks dont deal with assignments. And to use transactional funding would be adding my closing cost to the equation. With an iee i wouldnt be closing . I suppose i could see if the investor could pay me directly without it going on the hud but that will limit the buyers i have available to do deals with.
" you make a living with what you get but you make a life with what you give "