assiging a contract when property was purchased from bank

To Whoever can help me:

I have heard several things. First I have spent quite a bit of money on traing and have yet to get anywhere. The big question that I have is, is it possible to assign a contract that you have on a house if you are purchasing it from the bank after the auction. I have been told several things, clarification on this matter would greatly help.

Second, does anybody out there know of a Real Estate Club within driving distance of Fresno, CA. I have tried several numbers and real estate groups but I am unable to contact anybody, invalid email addresses and discontinued phone numbers leave me at my whits end.

Fresno, CA


No, banks will not let you assign your contract (most of them anyway). You can do a double close, though, or a simultaneous close. There are several other ways around it as well.

Good luck,
Steph :cool

You can use hard money or purchase the home in the name of an LLC and sell the LLC to the investor.

You can purchase the property in the name of an entity, and then sell your interest in that entity. For example, use an LLC and sell your ownership in the LLC, or use a land trust, and assign your beneficial interest in the trust for a fee.

Not sure if you’ve been here or not, but if you want to find a REIA Club this site has a very complete list of them. take a look