OfflineI recently submitted an offer for a property of 50% off the FMV and it was accepted. Now my next step is to lock it up. The deal by the way is a short sale. The way it works in NJ is that once the deal is accepted, the buyer and seller goes into Attorney's Review for 3 days. And after this period, where both buyer and seller agree on the terms, is when the contract is then binding. My question is this: is there a way to get around this and lock up the property, without going through an attorney and pay the attorney fee. I already have cash buyers lined up for this property; what back out contingencies can I put in the contract so that if the deal falls through I would be able to get my earnest money of $1000 back? What are typical contingencies for cash offers?
How do I do an Assignment in New Jersey?
Posted on: Wed, 04/08/2009 - 05:22
How do I do an Assignment in New Jersey?
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Just a little tidbit of information regarding the above post. I mentioned that the property is a short sale so I am also not sure if an assignment would work in this case as the bank is also involved. Please provide some insights if you can.
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Hi!
Saw this comment and wondered if it worked out for you! I hope so! I live in Hamilton, NJ (Central NJ)
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
I am also in NJ and in NJ the bank will not recognize an assignment contract on a Short Sale. The best way to wholesale a Short Sale is to do a back to back closing.
You lock up the Short Sale on a standard agreement of sale.
Acquire transactional funding ( A private lender that will give you the money to purchase the property contingent upon the property being sold to an end buyer on the same day.)
Both closings usually take place within hours of each other.
If you would like me to recommend a Private Lender in NJ that does Transactional funding send me a PM.
Good Luck!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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