Purchasing a Foreclosure - ASSIGNMENT OF THE BANKS CONTRACT

[Teonna Dyer-Johnson]

Hi all-

This is my first started discussion on Bigger Pockets, although I have been lurking for months. : )

Is anyone familiar with buying a foreclosure by allowing the bank to assign their contract over to you? I ran across a home in my area that specifically states "SOLD AS IS PRICED AS IS AND AS AN ASSIGNMENT OF THE BANKS CONTRACT SPECIAL FORMS REQUIRED"

I'd be interested to know how that works and what the pros and cons are? I can't find much info about this anywhere. Thanks in advance for your help.