I don’t know to much about the laws in NC, but I was wondering if assingments of purchase contracts (flipping) was legal in NC. Can someone please enlighten me with their knowledge. I am ready to get down to it.
I’m in NC and assignments are not illegal, however you have to be careful about REO’s. At times the Banks attorneys/closing department etc. will not close if they notice an assignment. Also the purchase contract that I use as a Broker in NC states that the contract cannot be assigned without both buyer and seller agreeing. so as long as the buyer/seller agree?
As regards flipping the problem is when crooked mortgage brokers and appraisers push the value (inflate) the TRUE VALUE OF A HOME, the lender then loans money based off of these lies. This has been the problem in NC as regards the word Flipping. If the home is worth what it’s appraised you should be ok, thou some lenders might still have a problem. I’ve been a subprime wholesale mortgage rep for about 10 years and you never know what a sub prime lenders going to do. So if your using a subprime…hope this helps…
I am new to this all, so every little thing helps me out. Thanks alot.