Another Assingment/Double Closing Question (1st DEAL)
I have a seller(s) who is willing to accept $54,000 for their home. They have both agreed. They are divorced, the house is in great condition! I have an approved buyer who is interested and is willing to pay $80,000. The house has been appraised at $91,000. Do I do a contract for $54,000 with the sellers with and/or assigns; then turn around and assign to buyer . Please help (NEED STEP BY STEP -- don't won't this one to get away. 
Is the approved buyer paying cash or getting a mortgage? If they are getting a mortgage, you will have a hard time showing your assignment on the HUD1 settlement statement. Their lender will not like it.
You will probabaly have to do a double close. Make sure that the buyer's lender does not have seasoning issues. It can not be FHA or many of the BC lenders.
Brenda
Very Simple.
Collect your fee for the difference and assign you escrow. Have your wholesale buyer close in their name.
Your wholesale buyer may not have the entire difference in cash to pay you for your fee. You can do a couple different things to get around this.
#1- Get some cash up front and then
carry back a second.
#2- You can purchase the property
and turn around and resell it
immediately to your new buyer,
hence a double closing.
I would recommend assigning your escrow and seeing if you can get paid
your wholesale fee. If that does not
work, then just do your double closing.
Best Riches,
Jeffrey Adam
[addsig]