This one may get a litle tricky. First of all, your mtg co. may require you to pay the assignment fee in advance out of your pocket, NOT out of proceeds. Next, finding a Title Co to do the closing this way may be hard. You will probably need a purchase contract signed by both the original seller and buyer, and a copy of the assignment contract signed by the original buyer and you. It may seem confusing at first, but after you do 20 or 30 of these, it seems like old hat. HTH.
Hi,
I have a question about assignable contracts. I had a real estate contract assigned to me to purchase. My mortgage company says they also need a sales contract now. Who would the sales contract be from, the person who assigned the contract to me or the person the assignor had the contract with. How does the original person selling the prrroperty get paid. Does my mortgage company pay the person who assigned me the contract and he in turn pays the original seller off? I thought I understood this whole thing but I am hearing so many different things now and I am confused.
Thanks.