Posted by David Alexander on July 08, 1999 at 16:17:53:
Not the same thing I’m talking about actually. I’m getting this house “Subject to” and there is no room for me to make a monthly spread, so I’m going to make money from the assignment as opposed to wrapping the loan. As a bonus I plan on getting the seller to give me a note for solving there problem.
I’m just looking for specific paperwork, that might be different than a typical subject to deal.
David Alexander
Mechanics of a Retail Assignment?? - Posted by David Alexander
Posted by David Alexander on July 07, 1999 at 20:22:55:
Gotta deal, that looks like I’m just going to assign retail and pick up the up front cash and a bonus note from the seller if I can pull it off(Thanks, Joe and Jim).
What paperwork do I need to round up?
Are ya’ll still deeding into a trust and then just assigning beneficial interest?
Or are you just putting under contract subject to, assigning the deal and putting a performance mortgage in place, and deeding directly from seller to new buyer?
Here’s the paperwork I’m thinking?
Deed(seller to buyer)
Performance mortgage(buyer to me)
CYA(seller)
CYA(buyer)
Change of Insurance
POA
Loan Authorization
Assignment of Escrow
Anything I’m missing?
David Alexander
Re: Mechanics of a Retail Assignment?? - Posted by Redline
Posted by Redline on July 08, 1999 at 14:57:28:
David - I believe I’ve heard it mentioned here that assigning a contract on a retail deal wasn’t the preferred method - a simultaneous close was. This may be because of fear that a retail buyer may flake out and not close and/or probably because you won’t want to show them your profit. I could be wrong - but it’s something to think about.
RL