Posted by John Merchant on June 13, 2003 at 10:32:51:
Your title company does these kinds of deals all the time and if you’ll get acquainted with one of their experienced people and then pose questions like this to him/her, you’ll get a great & free education.
While no title co. person is going to give or offer legal advice, how-to info is different, and they have all kinds of know-how on your type situation.
I’ve learned over the years that the most experienced, savvy REI’s usually have an ally/buddy over at the title company that they chew the rag with, frequently, and I recommend the practice to everybody who really yearns to learn.
How do you assign a contract? - Posted by james hunter
Posted by james hunter on June 13, 2003 at 08:02:24:
How do you assign a contract to be paid at closing?
I just got approve for a shortsale for 77,000 dollars from an original mortgage of 92,900. I am so happy. However there is a problem, the title company that I would like to close with told me that they do double closings. What they meant is that they do simletaneous closings of property’s but the button line is you have to have your own loan to close. Does anybody have any idea how I can do this deal. I was thinking of assigning my contract to my buyer to be paid at closing. And make the assignment fee the differnce between what I got approve of and what I was going to flip him the property for. How do I set this up in written form,
How would I dissolve the previous purchase agreement I had with him and make this assignment take place of that. Also How will the title company know to deduct this out of his loan proceeds.