Reverse Assignment Anyone?

I was wondering if anyone has used a "reverse assignment" agreement in order to avoid a double closing?



Basically, if you identify a buyer before you are to close on a property, you can apparently do a "reverse assignment", where you assign the contract with your buyer to the original owners. You get your money (the difference between you contract with the owner and the contract with the buyer) during escrow. This way you avoid a double closing and the buyer can finance the entire deal.



Has anyone used one?

Comments(10)

  • joewo12th December, 2006

    why not talk to buyer,or change your position to consultant.

  • mtnwizard13th December, 2006

    John Alexander has been proven to be a con artist:
    http://www.real-estate-made-easy.com/alexander.html

    [addsig]

  • ypochris13th December, 2006

    mtnwizard-

    I would phrase that "is highly likely to be a con artist". I think a conviction is necessary to call it proof.

    Chris

  • Nuetrino14th December, 2006

    C-King,

    Did you receive these funds at closing or later? What instrument did you use to secure your assignment - Promissory note, lein, contract assignment with the seller, other?

  • Presidential23rd January, 2008

    Hey Commercialking,
    How did you form the Contract wording on the reverse assignment of Contract?

  • Freeflyer9th January, 2008

    Not seeing any of that in Ca. Buyers are rare and fussy. Sellers seem to be overly optimisic or losing their shirt. Think we got a ways to go over here.

  • tbird569th January, 2008

    Not seeing that in TX either. Prices have held steady here, but number of sales are way down. Laid off mortgage people are still laid off.

  • finniganps10th January, 2008

    In the Bay Area of CA, many mortgage brokers and realtors are dying for business. Deals are way down as are listings and sales.

  • dragonflybreath17th January, 2008

    Same up in The Wine Country CA, with fewer listings and prices leveling out, however we have a few pockets of activity (Napa, Sebastopol, Hidden Valley, Kelseyville, etc) and some of our top agents are busy, busy, busy... One for sure has even hired additional help and bought a third office
    [addsig]

  • tom7w25th January, 2008

    Chris
    Are you serious? Are you serious? You are funny
    temperature is freezing, how do they shop for houses in Michigan?
    nothing happens in warmy Florida!!!

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