Assignment clauses with SS purchase agreement

Foreclosures, Short Sales, Tax Foreclosures
1

Hello all,

I’m just wondering if any of you folks have SUCCESSFULL Y completed a short sale using an assignment clause in your purchase agreement that you submit to the lender? When lenders see assignment clauses, are they hesitant to agree to a short sale? Is it better to not include an assignment clause in a short sale purchase contract?

Any thoughts on this would be appreciated…

Thanks-

2

In my experience, most lenders (at least the big, national ones) won’t accept a short sale offer with an assignment clause. IMO, they figure you are trying to flip the property, you are gonna stall for time, and their goal is to ‘close quickly’ if the offer is accepted.
Good Luck

3

A lender won’t accept any contract with an assignability clause within it, period. It doesn’t matter whether it is a SS or a REO, it will be rejected.

Roger