question everyone… i was wondering is there a way to wholesale or assign over land contracts… if so how do you go about doing it??..would it be the same as assigning a purchase agreement??
i guess no one knows the answer… lol :rolleyes
Yes there is a way. PM me if you want to talk. HerbsterfromMichigan
Yes you can assign a land contract. Its preferable that you have specific language in the orginal land contract that allows you to assign this contract.
This is no different than assigning any purchase contract. The other issue that I can see here is if the current contract is recorded, or will be recorded. Just some things to think about there.
I would call a local title company with any questions that you may have.
I can tell you, every loan I have done in 16 years, as a mortgage banker has an assignment clause in it allowing this to happen from the current owner of the mortgage to any assignor they see fit? You are no different than any formal lender out there. Its purely contract law.
The easiest, cleanest way to do any real estate transaction is through an attorney who understands what we do. I bet this whole transaction would cost less than $1K in closing costs/attorney fees, and those closing costs will come out of the money your end buyer brings to the closing.
Can i give a deposit 10$ cash? its sound funny would they exept it?
I don’t see any reason why not…
Did you do it, and the home owner said ok, no problem and sign the contract?
In the dozen or so deals I’ve done it wasn’t a problem. 9 times outta 10 I assure you they simply don’t care. They just want you to solve their problem, and their problem ain’t getting a deposit.
Don’t read into the deposit so much. When they sign just tell them, “I gotta hand you this ten/one hundred bucks just to bind the deal” or something like that. If you make a big deal about it they’ll think you’re trying to pull something over on them.
alright guys i just spoke with my buyers and the way they want it structured is that i already have a person under land contracts making payments because they are after the monthly cash flow of the contract so how can i set up a land contract with the seller to put the contract in my name then place the real buyer under land contract to sell the whole thing off to my buyers??? with no money outta my pocket?? its seems like alot of stuff im confusing my self with :banghead to me it seems like im doing a sandwich lease option style land contract correct me if wrong… :help
one more thing i forgot to say if there are closing costs involved on my end how can i hold them off til i recieve my payday at the end??