I have a property under contract, and an assignment agreement with a end buyer. The buyer is financing and the bank wants the offer to be in his name. Do you all know of a way to handle the agreement where I could get the offer put in his name and still secure my assignment fee?
@Ron Czecholinski , is your seller aware of your intentions, and are they ok with someone getting financing?
Could you double-close?
Always be upfront and transparent with sellers.
What you could do (ask an attorney in your state to make sure) is let the seller know that your partner will be closing on the transaction instead and you'll be re-doing the contract with your buyers name on it.
To legally get paid (unless you're an agent) you'll want to set up a Joint Venture agreement with the buyer where instead of an "assignment fee" you're getting paid a set amount for 'coordinating the transaction on behalf of your interest in the joint venture'. Most traditional lenders won't fund an assignment fee so this may be a way to work against that.
If the lender doesn't have any seasoning requirements just double close using transactional funding. If they do have seasoning requirements call the lender and explain the transaction, you never know they might let you slide if you actually close then resell instead of just assigning the contract.
PM for more details, I'll be glad to help.
Thanks for the input. The seller does know my intention and the joint venture idea might work well. I don't think a double simultaneous close will work. The joint venture agreement might be perfect - I was thinking of some kind of alternative agreement with the buyer or seller. Any idea of where to find a template for something like that?
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