How To Get Paid Legally On An Assignment
I have a deal I am working on and because the laws are changing in GEORGIA I want to know what is the right way to get paid my assignment fee of 15k on the Hud... Can someone please give me some good advise. I am trying to do business the right way......
Most lenders (the ones that allow assignments) will insist that the assignor (you) receive no pay for the assignment. This is the practice many lenders are now leaning toward.
[addsig]
So are you saying I cannot get paid legally on the hud as a consulting fee
John Alexander has an interesting idea that is similar to assignment, and may circumvent the problems of lenders not wanting the assignor to get paid and avoid problems with title seasoning. His course was only $40-50 so I figured what they hey.
I am not sure if I would get in trouble for revealing the basic idea, so I will have to be vague. He uses three purchase contracts and a disclosure/invoice that says the seller agrees to pay him "X". It is also supposed to help avoid problems with title seasoning. On the HUD, I beleive it is supposed to appear as marketing.[ Edited by cash4housesandnotes on Date 12/24/2007 ]
Well, then I am glad I was vague
I agree with both of you; however, you should ask the lenders what they think. Methinks they must have a legal leg to stand on.
[addsig]
Hey Guys I need some straight ansewrs on this topic because I need to get my 15k at closing....
Wow bargin couple that is what I needed to hear... Thanks for the advice... Now I can get my check!!!!
Ok I am not trying to go to jail over 15k.. So I guess I better create an invoice and add the it to the hud as a marketing consulting fee because I did market the property and brought a buyer to the table for the seller.... What do you guy and ladies think about this
Depends on what the lender thinks about it.
[addsig]
Come on ... someone has to say something about a 5400 sft home listed on the MLS for $69,000???
My guess is that it is a typo in the MLS. I get an email for listings under $95 sft and often get an email where the listing price is obviously a typo. Have you contacted the listing agent and discussed the $69,000 listing price?
Dfowler
WOW you blew it big time assuming your correct in your description....You need to learn how to buy houses and stop trying to sell them...Learn to buy with no money and no credit.
And if there was an upside of hundreds of thousands of dollars I would have asked myself Education vs. Making buckets loads of money.
Also I see immediately the obsolescence you’re not seeing.
Michael Quarles
[ Edited by MichaelQuarles on Date 12/31/2007 ]
[ Edited by erictheking on Date 01/06/2008 ]