Recent Assignment Contract Bust
I live in Fort Wayne Indiana. Just last year J. T. Radebaugh was charged and jailed for assigning contracts on real estate properties. He made around 800K in 2 years. The local Attorney General filed charges saying that because he didn't have a realtors or brokerage license he couldn't collect fees such as his "assigment fee". That is how the paper described it. They went on to say that he was negotiating a price with the home seller and marking it up to a "cash" buyer and collecting an assigment fee. This sounds an awful lot like what I have been working to do for the past couple months.
Anyone out there have any insight? I would like to think that double closing would eliminate this argument becuase I would essentially take ownership of title and then simply sell again. This can't be any different from buying it myself and selling it a month later in the eyes of the law. Any thoughts. If you want to read the article look up his name on the Journal Gazette of Fort Wayne, IN.