Updated over 16 years ago on . Most recent reply
Double Assignment
I only found one other discussion on this type of deal that was not an REO. Kinda got off subject so i thought i would ask.
Recently i have been looking to do REO double closes with end buyers that are rehabbers but then i came across a deal im waiting to hear back on and i believe its an investor because of the ling of ARV and a few other things. I think he has it under contract with someone and is assigning the deal.
It needs 25K in work but even at that if the ARV is right there is still 10K-20K on the table BEFORE its at 70% of ARV! IF he calls back and says he's assigning it, basically i need to get normal info and the address of the property but i want to make sure he isnt going to sell it off under me while i get info on the property you know? Cant i use a ummmmm.. im going blank... its PISS...AN OPTIONS CONTRACT! I have one (thanks REITIPS.COM) and i was wondering if i use that to get in so he can market it still but give me time to go look and work on numbers before someone calls and just takes it.
THEN if hes assigning obviously he must have his assignment built in cause he said it is offered at $75K and ARV of $143K! so if he is right when i do my numbers im sitting pretty. but then he would be assigning to me, then i would be assigning to my end buyer and make sure he comes to the closing table! Im just confused cause when he assigns to me, then im bound by his contract with the owner. Then can i just re-assign out? then how do i know the next guy wont you know? Just need some help here!