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Forums » Starting Out » Possibility to do assignment with conventional loan method

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Tag Tags: assignment-with-conventional-loan-


Byron Oliver

Real Estate Investor · tampa, Florida


Forum_avatar_avatar-byron813

Apr 19 '10, 11:38 AM

Hello all! Is it possible to do a double closing with a conventional loan method such as if the client goes through the bank or fannie mae or would it even be possible to have a deal like this assignable at all? If so, what steps would be different from me having a cash buyer for the property? Thanks for your answers everyone! It is much appreciated.

Edited: 06/26/2010 at 12:32PM


Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado


Forum_avatar_avatar-wheatie

Moderator Pro

Apr 19 '10, 01:29 PM

Its possible, but the bank may use your purchase price as the "value", rather than the price you're giving to your buyer.

Edited: 06/26/2010 at 12:32PM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Peter Giardini

Real Estate Investor · Baltimore, Maryland


Forum_avatar_avatar-peterg

Donor

Apr 19 '10, 03:38 PM

This is a great question... and I hope others join in... because I have never heard of this happening.

Especially since the HUD-1 is the gosple regarding the financials of the transaction... it would be very hard IMHO to get the assignment fee paid outside of closing... and even if it could... where would the homeowner get the funds for the assignment fee... most can barely afford the closing costs as it is.

What have others experienced?

Edited: 06/26/2010 at 12:32PM




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