Assigning Contracts???? HELP!!!
I am just starting the Bird Dogging Adventure......I have heard that there is more money to be made in assigning contracts. Is this true? I am a Mortgage Broker here in Louisiana and have to say that I have never seen an assigned agreement before. Are there any legal dangers in doing it this way? Please advise. 
Hello Rachinla,
I would check with your local REI club and ask someone there. That is the best way. There should be no problem as long as you have the contract to assign set up to cover every aspect of what you are doin...ie..Authorizing you to assign your position to another party. and the original owner agrees to it. Hope this helps a little. Good luck
How do I find my local REI club? And is a set fee expected or is it more based on a percentage? Sorry for all the dumb questions, just really intrigued!!
hello Rachinla,
Go to the Groups tab abd find your area and click on that...it will take you to the LA page..fees are based on the club and how they operate..
Assigning a contract is very simple for either party, if I am understanding you correctly. For example, before my mother died, she had a nice mortgage contract that she wanted to leave to me, (and keep out of probate court). There were forms at the local abstract company already tailor made for the situation. All that had to be done was fill out all the spaces, including the legal description, and file it, and it was legal. When she passed away, I sent a notice to the borrower, and commenced collecting the balance of the mortage until it was paid out, just the same way my mother always had. It only cost involved was for the filing fee at the courthouse, no lawyer was needed, and it was so very simple and uncomplicated. Good luck and don't let this throw you. It's not hard at all.
My question is more along the lines of-- I find a property, I would sign a purchase agreement on it and then offer to assign it to you for a price. What I don't understand is how this works....where do you find investors, where do you find contracts with the verbage to keep you out of jail and how much money is the norm for this type of transaction. How would I determine my fee.....is it based on a percentage of the equity or a set fee? If set what should I expect.
By the way guys...Thanks for all the input, it is all really helpful.