Hi
I am working on a deal in GA anyone please help. I need to know what needs to be done to assign/wholesale a deal in GA. I hear they don’t use title companies for the closing and that an lawyer is required. Is it possible to assign the contract without buying it. I do not have the funding to actually buy it…just want to assign the contract to an investor to buy.
Indi_MA
Georgia is a ‘lawyer’ state…call a real estate lawyer and ask. Don’t rely on the opinions of a bunch of faceless internet folks to make your REI decisions – there is too much at stake…ask a professional.
Are you assigning it or wholesaling it? Or assigning it to a wholesaler?
Keith
Thank you. I am assigning it to wholesale it.
So the person that you are assigning it to is the wholesaler?
Keith
I’m working to short sale the deal with the bank and signing the contract as the buyer, but I want to turn around and sell my contract (to sell my buy right for the house) to someone else to buy for a higher price.
Now I have an “ice cream headache”…never mind.
Keith
assignment of contract is the correct way of doing deals like this. just make sure you understand, not all sellers will allow you to assign contracts. many banks will not.
Thank you. How do you know if the Bank will not allow it and is there anyway around not being able to assign the contract if you do not have any cash.
Since most banks are represented by realtors, you will have to rely upon them to ask you. If you cannot assign the contract, then i suggest finding investors thta would actually allow you to partner with them on deals.
that way you are the acquisition side of the partnership, and they are the money side.
If the bank won’t allow you to assign the contract, (most don’t). Then do a double closing.
A potential strategy, but one that will only work sometimes. Most banks will not allow you to use the funds from the sale of their properties, t0 purchase their own.