my agent said that she can’t assign contracts because of the rules of her office. she acknowledges that it is not illegal to assign a contract, her office just won’t allow it. this means that if i get a sweet deal, i have to take out a loan in order to have POF, pay closing costs, taxes, etc. this eats away at my profits. not to mention the points i will have to pay on an early payback of the loan. my agent has helped me with getting things like comps and so on, but this limitation is crippling me and my up-start. :banghead:
i am literally banging my head against the wall.
:flush: before i flush my self down the drain.
I really don’t see a problem with your scenario. So the agent wants you to Quit Claim it and surrender your interest in the property prior to close? I see 3 possible solutions:
Quitclaim to your ultimate buyer for your assignment fee prior to close
Quitclaim and ensure your fee gets recorded on the HUD-1. Off the top of my head, this would be a series 500 or 700 charge. Look at a Hud_1d
how can you quick claim it without title. don’t you ned to close with seller first? this is the impression i am under, ergo my problem.
As long as the contract doesn’t say anything against assigning there’s nothing the agent can really do about it. When the purchase contract is signed just staple the assignment contract to the original purchase contract, and have your investor/buyer give it to their lender and title agent. You’ll be given your assignment fee on the HUD-1 closing statement.
We already talked on the phone Minya…you know my stance, FIND ANOTHER BROKER!!! Make life easier! 8)
you told me to run it on the boards and see what others say. you also said they would probably agree with you. gi ;D
I agree with TDI completely…I would speak to the agent’s broker and ask what the problem is. If the broker won’t budge, it’s time for a new agent/broker that will…there are lots of agents. You need a good one that supports your business preocesses, whatever they are!