quick question on bank owned, did i miss anything?

Question

real quick, I thought i heard someone say that it's hard to get the bank to let you assign a property.

I've come across some stuff that looks like they could be decent, but I believe are bank owned.  I don't think that I can pull off a double close from where I'm at, It seems I would physically have to be there to pull it off.

So i found a house, asking 30k, it sold in 2006 for 82k, so I figure I might be able to pull 5k out of the deal.  Where do I go from here.  I've emailed the realitor and said i want to put it under contract subject to inspection.

I found a buyer I think, anything I'm missing, just write up an assignment contract and give it to him, and hand him the lead?

Lou Castillo · Answer

You don't have to physically be there to pull off the double close. You can do it via FedEx. You would just have to come up with your own funding for the purchase. If that is not an option, another technique is to place your offer in a Land Trust (call it the address Land Trust) with you as the Trustee and your company as the Beneficiary.

After you hae the property under contract, you sell the Beneficial Interest in the Trust as your profit. The new Beneficiary can then close on the same contract becasue the Land Trust is still listed on the contract.

You can also do what you suggested, but there is nothing to Assign since that is the problem in the first place. All you can do is refer your buyer to the deal and collect a much smaller fee up front for that referral.

Let me know if you have more questions.