Does anyone know if it is possible to assign a contract on this site or would I have to do a double close?
Double close- their contracts aren't typically assignable. If you click on a local property on the site they have a copy of their purchase and sale agreement you can review along with any other addendums.
Nope there is no way to assign...banks will never allow that..
Your only bet is, to get hard money, actually close on the deal, and flip it an investor, look for a company that does transitional funding...these companies will want to see your buyers proof they can close, they are going to want to see executed contract on both sides. Its alot you have to have in place, your first will be brain wrecking, but they are sile once you do your first with the lender...I havent did one in a few years, But they are workable...
I've looked at them some, they do a few different things and I'm still not 100% on exactly what they are doing. They do sales the same day as the foreclosure sale, and I've seen guys there with iPads bidding there with Auction.com hats, but I dont see how they do the cash unless they are in touch with the lender and foreclosing attorney and the lender pulls the sale from the sheriff sale based on the larger bid, since you have to pay on the spot at the foreclosure sale (at least in Georgia) and I'm sure they aren't fronting those millions every first Tuesday for random online bidders.
I've talked to them about selling some of my stuff, they do a 60 day contract, 3 auction kinda thing. You name your price and they try to get it. Its confusing to me that MLS lets them use them the way they do, it undercuts the agents in a big way and their process doesn't fit the MLS norm by a long shot.
Anyway, to your question, I don't think Auction.com is going to be a goldmine of wholesale deals. I haven't read their contracts, but I can almost guarantee it isn't assignable. Like was said, you can buy it and sell it again, or MAYBE do a double close with the right atty, but they want something like $2k to bid and pretty high earnest money when you win so if your buyer flakes out last minute you are out some real money. Awful risky wholesale scenario unless you know your buyers real well and are certain what they'll buy. Beyond that, though, that's kinda like looking to wholesale from MLS (in fact they are in the MLS), you've got to get a smoking hot deal to add a fee and provide any value to the end buyer.
No, you're unable to assign or double close with auction.com assets. You can also ask at [email protected] We get questions all day long and are extremely responsive. If you bid with us often and have your free auction.com account, ask the Community and a staff member can answer for you there as well. Each property is different, but in my 2 years, I haven't seen it.....yet. ;)
Join the Largest Real Estate Investing Community
Basic membership is free, forever.