OfflineHello everyone, first time posting or asking a question so be easy on me. Here's what i'm up against, i'm hoping that there are some ny state investors reading this but i'll take suggestions or answers from anybody. Here's where i'm at, i've got a really great real estate agent who i've been able to get on board with what i'm trying to do (assign contracts) but when i sit down with mortgage brokers (4 of them) and real estate attorney's there both telling me its not possible to assign contracts anymore unless the buyer is a cash buyer. Their reason for this is because the lenders that the brokers use are fannie and freddie and both these institutions dont allow money to be paid to a third party and they will not lend them money if the home is being assigned. So my question is this, how are people doing assignments i'd really like somebody to walk me through a real life example step by step of how your doing this. I understand how it works and the concept but when it comes down to money being obtained and for these people i need help. thanks
My mortgage broker
Posted on: Wed, 10/06/2010 - 02:39
So I'm guessing by the lack of responses that there are no persons in NY state doing assignment of contracts. I'll simplify my post, My question is this, I'm being told by local real estate professionals that fannie and freddie dont allow assignments or the way it was explained to me that they dont allow a third party to be paid from the home loan that is given to the buyer to purchase the house. So i'm wondering how people are making money in NY state doing assignments of contract.
I sure hope somebody can explain to me how i get around this.
I do assignments in Colorado but I have never done anything other than assign a contract to a cash buyer (or hard money). The key is getting the correct type of property at a deep discount and having a buyers list of actual cash investor type buyers. How about taking possession of the property using transactional funds and double close. Don,t know if that will work, once again, I don't assign to end buyers! (maybe a change in strategy is in order?)
Michael Mangham
MD Home Acquisitions LLC
http://www.mdhomeacquisitions.com Seller site
http://www.Mdhomea.com Seller site
http://www.mdhacq.com Seller site
http://mdhomeacquisitionsbargainhouses.com Buyer site
http://mdhomeacquisitionshousehunter.com Bird dog, Door knocker site
http://www.mdtfcam.com Transactional fund site
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http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site