Okay, I have a property under contract which is technically an estate sale that is really a short-sale. There are some past liens and taxes due and it has 2 mortgages. The 2nd mortgage is the one who filed for foreclosure and has listed the property for sale through the MLS.
So I went through the property and found it to be a perfect wholesale opp for me so I offered $65,000 on an assignable deal. The estate signed the contract as acceptance to my offer and assignability.
Now the bank said they wanted to wait for the title search results before signing off on the deal. The title lady stated that even though I have “and/or assigns” on the buyer line of the contract, I would still be liable for paying the transfer tax twice.
I have a buyer who gave me a deposit so just need some advice on what my next plan of action should be. Thanks.
What happened with this deal? Was it the bank that let you assign the deal or ? The transfer tax sounds about right ~ The buyer would pay the closing costs, anyway. If the deal went through, can you walk us through the steps or the process? I would love to know. Thank you.
This deal actually just went to closing on Jan 22nd. What we ended up doing was ripping up my contract with the bank and resubmitting under my end buyer’s company. My assignment fee was paid out through the short-sale negotiator’s fee.
I would love to explain the entire deal and what happened with it but it would literally take me 3 days to type it all out.
Feel free to contact me privately via message and I will get in touch with you on the phone to discuss. Maybe we can even network a little as well.
Thank you. Although it did take some time and lots of info gathering, tracking people down (i.e. attorney, executor of estate, etc), gaining bank approval on short sale, etc. It did get done and I made a little $.