I’m working a SS that’s with Chase. What I’m willing to pay they won’t except.
The weekend of Jan. 12-13th I’m holding a highest bidder auction to bring in a higher offer. I’ve sold my last 4 houses this way. The only difference is that the last 4 I had acceptance letters for so when I sold them to highest bidder it was an assignment. Which brings me to my question. What do I do when I have the highest bidder, when I dont have agreement w/ bank yet? Submit the offer on new P&S and ask for LM fee or some how work the assignment fee?? Or any other idea that you see working.
You might want to check with your lawyer.
There are some legal issues involved with selling things that you have no right to.
I’m working for the Homeowner at this point to do anything and everything to keep their home from trustee sale.
John Silva,
It was a standard MLS assignment form??
The link to respond to your email didn’t work. Hope you see this here
that is a question you should ask your attorney, since you don’t want to trust advice that could be coming anywhere. If so, trust but verify.
Now that you plan on holding a bidders event, you will have to disclose to the potential buyers the deal is subject to the lenders approval and that you will be buying it to immediately resell it.
Therefore an assignment won’t be necessary. Plus if you plan on selling a short sale contract, make sure your contract has an assignment clause and that you have a good reason why you assigned the contract.
I am not a lawyer but it doesn’t take much knowledge to know that you can get into some problems selling things you do not own. You can sell if you have an equitable interest in the property. This is one of the reasons I have shifted my short sale deals over to Options to Purchase and Memorandum of Option. By recording the Memorandum I have shown my equitable interest to the world.
However, the advice to check with your attorney is about as good as it gets when dealing in gray areas.
Let me get it strait guys. I have Trust on the property, where I’m a trustee and an owner is a 100% beneficiary of the Trust, right? Should I assume that it’s temporary proof of ownership? Can I use a Purchase Contract with the right to assign to end buyer?
Please, advise.
Thank you