2 QUESTIONs!!!!!!!!!!!

I am doing my first ss and I was told to send over a NET SHEET to show what the lender is getting paid…Can someone show me an example of one and what it is really for…

How do I write up the contract when I’m getting the ss for 80k and I have an investor that I am going to assign it for 120K…Will it be two contracts that I write? One with the lender for 80K between me and the borrower and one for me and the investor…Just alittle confused…Please help…

What state are you in tsmith26? In AZ, my state, I cannot assign a contract for a short sale deal I’d like to know what state is allowing this. I would be very surprised if the lender would allow you to make 40k. Not on a ss.

Also, the net sheet is the HUD. Just ask for escrow or your attorney - (depending on which state you are) to prepare it for you.

If you were wholesaing a deal, then yes you would create a contract with the seller (not sure why you put lender) and then assign it to the investor using an assignment agreement but with a ss - check with your escrow officer/attorney to find out the assignment laws in your state.

Yes, I am in Az also…So your telling me that I am wasting my time of doing this ss…I got the bank to accept 80K and I was going to assign it for 110K…It is worth 161K and needs about 20K in repairs…I have a title company willing to do a double close…Is this illegal here in AZ…Please let me know when you get a chance…Thanks…

hey tsmith, I have yet to find a lender that will allow you to assign a shortsale.

Im in Tucson- what city are you in?

greg

Really!! I’m in Phx…I have a realtor that has use a couple title companies for his investors…

I’ve got something similiar to tsmith26. Does anybody know if this is allowed in Texas?

Texas is very strict - you need to contact a closing attorney!