Need help on FORECLOSURE - ASSIGNMENT?

Question

Hi Everyone,

I need help on a deal that I'm trying to work, and it is my first one.  I found a property for 460,000 that I can sell right away to an investor for 520,000 (its actual appraised price).

Can anyone tell me if I'm able to do this without having to get a loan myself and just be the middleman? (in California is it legal? What about Texas?)

Edgar Ambart · Answer

Ryan, thank you for your input.  That is definitely a problem now with the 100% CLTV financing no longer available.  My investor has no money down, and I dont' know what to do.

John, thanks for your reply as well.  I'm new on this board, and haven't been active very much, but I will definitely update my profile.  The reason I'm choosing Texas and California because I'm very familiar with San Antonio and Los ANgeles areas.  I moved from California to San Antonio to buy a home right before the market went down the hill in Cali.  However, northwest San Antonio is exploding with growth, most of the buyers being wealthy foreigners from Mexico, its as if the subprime slime doesn't even phase the Austin and San Antonio markets, I love seeing even 8-12% /year gains on this current slowdown where Glendale, California people are selling 50-60 K below market value just to be able to sell.  [/b]

Account Closed · Answer

Ryan has provided a great answer.

I have a question and a suggestion.

1. Why are you interested in CA and TX? For the most part the rules that will apply to any wholesale deal will be based on where the property is located.

2. Consider updating your profile so you location is visible and other details are available when someone wants to check. It helps with networking.

John Corey

Ryan Webber · Answer

You really need to go read through the Wholesaling Forum to get an idea of what you need to know about the whole process.

To answer your specific questions, yes, you can do it without a loan by either assigning the contract or double closing, and, yes, it is legal in California and in Texas.

To reiterate my first point, you really need to go read through the Wholesaling Forum to get an idea of what you need to know about the whole process.

The type of financing your "investor" is using to buy the property with will make a big difference on whether you will be able to wholesale it to him.