Hi Folks,
I have an opportunity to work with a seller (Assignment of Contract) that is motivated, but he has a mortgage on it. Can anyone point me in the direction of a resource of how I would go about doing this or is it even possible? Videos, a Blog or whatever needed to gain knowledge and implement it?
I’m thinking :
Communication to seller that this is an assignment of contract and the details (This has been done already as far as the explanation).
then, Maybe something somewhere that states when payment is being made to Seller, the remainder of the mortgage MUST be satisfied before cash to seller via Title company.
Just going off of what I “THINK” may need to happen. But I truly do not know.
@starrmarksol Definitely possible. Happens all the time. It would work the same way any other wholesale deal would work. You get the contract to purchase the property, then find your buyer and close at a title company.
That’s part of what the title company will do. They get paid to do a title search, get an attorneys opinion and act as an escrow agent to satisfy all the outstanding liens.
@starrmarksol@Sam-Davis sounds right to me. I’ve never done one quite like this, but I can’t see why it would be a problem.
Most title companies and lenders have issues with assignments when the purchaser needs financing to buy it.
If the seller just needs their mortgage paid off, and the buyer has the cash to do it, that shouldn’t cause any show-stopping problems because the lender doesn’t need to approve anything; they’re just being paid off.