Which is the better option? A Double closing or assignment of contract? I will be running all my properties through my investment company so are there any tax ramifications for the two at closing when getting my fee? And one last thing totally off subject…Do I need a special agreement with myself and the seller when conducting the short sale stating that she wont be working with anyone else on her property except me? and if i must have one can someone send me their format?
To what i know, assignment is better. As for disabling your client to work with other possible agents, all u gota do is get her to sign over her deed.
Thanks for answering this, I’ve asked it before, with no answer.
Why would i get her to deed over the property before the short sale takes place? Keep in mind that im not actually the one buying the property i have an investor who is interested and from what i have been taught you get the short sale accepted by the seller then the lender then go to closing and recieve title…I do not want to be responsible for the property if the short sale falls through with either party…thats why i was asking about the assignment of contract…Any answers?
Your purchase and sales contract should be enough. If she signs that, then goes to someone else, you can sue for non performance.
“Get the deed” is the old fashioned way to do it.
You get the seller to sign the deed over to just hold control. What you don’t do with the deed is that u don’t go and record it. You’ll only record the deed after the shortsale is successful. Plus u have to put the deed under and llc for you to beable to assign a short sale.
All: Lenders typically state that purchase contracts for short sales are non-assignable as a condition of the SS approval. So double closings are the typical way of getting your cash from selling a SS property.
Thaks for the answers, I was wondering the same thing as the OP…