I have many deals coming in and can’t handle all of them so I would like to figure out a way to pass them to end buyers. I would like the end buyer to be able to get a mortgage, is this possible with an assignment or double closing?
The problem I see with assigning is. Does the bank ask to see the contract? Will they not like that it was assigned to them? Also if the purchase price is $140,000 and it is appraised at $160,000 would they be able to get a mortgage for $160,000 so that the $20k in assignment fees is part of the mortgage and not the end buyer’s cash? Or will the bank only allow a mortgage based on the purchase price?
For a simultaneous/double closing, how do people get mortgages for the end buyers? I would assume that they would do a title search and see that the deed doesn’t have my name on it but instead it has the current homeowners so they might not be willing to give a mortgage to the end buyer?
Any help or suggestions would be much appreciated.