Selling a house for $100K. We have it under contract for $75K. End buyer is using a conventional lender that will not allow assignment fees or double closings. I understand that I need to make the contract between homeowner and end buyer in order to appease lender. How do I go about placing a lien in order to get paid at closing?
Hello fellow investor what state are U in? I may be able to help your buyer close as is. You buying from seller & buyer from U.
Write up a seperate contract between you and the end buyer before you have the end buyer sign a contract with the seller.
If you had an LLC or something couldn’t you put a lien on the property for the assignment fee and when the title company gets the payoff it will show both mortgages. The first lender and you? Hmmm just wondering if this would work.
Can’t you do a reverse assignment?
Double close a.k.a simul-close
Some lenders won’t allow the loan if the seller doesn’t have atleast 6 months of title. They learn this through the chain of title that comes with the title commitment, so they can prevent a double closing.
Now I like Property Girl’s idea of a lien against the property. I would contact an attorney or a good title agent and ask them for help. Recording a lien at the courthouse is easy but making sure it is valid is another issue.