I’m doing my first “assignment” but feel that I didn’t do my homework. I’m under contract to by with a right to assign with a Builder/ Seller. I’m buying at 80% of market value. I have a contract to sell my assignment with a Buyer at 100% (of market value). The challenge I have is that for the Buyer’s loan transaction the appraisal will not show my name as the owner of the home. This will be a problem with the lender in getting financing. The title company is prepared to do a “double close” but only if we can get it the Buyer’s lender to close the transaction. Any ideas for me?
find Roger J he helped me alot he seems to have alot of knowlege about investing. good luck
So you paid 80%, found a buyer to buy it for 100%, but the buyer can’t get it because your name is on the appraisal? The buyer may very well have to get thier own apprasial with the lenders appraiser. The other thing to keep in mind is you (or the seller/buyer) will have to pay closing costs twice with a double closing.
I didn’t buy the home (yet). I have it under contract with the builder/ seller. Since I am assigning my contract (for a 20% profit) to the buyer, I’m not sure how to close on this. You see, I’m really planning on getting a profit on the assignment. The buyer’s lender will not see my name on title as I have not bought the home yet.