Every time you make an offer to a bank, be prepared to close. There is no assignment regardless of what some “guru” tells you. You can do a double close but it is risky and complicated. Your deposit is at risk unless you have someone who is willing to put up the deposit in the 2nd escrow before the inspection contingency expires. YOU CAN NOT ADD ANOTHER NAME TO THE CONTRACT OR CHANGE IT IN ANY WAY.
You can use transactional funding but it is expensive and you have to be sure the person you are selling it to is reliable.
My son bill uses an llc and then changes the manager after the close so he is really assigning the assets of the llc. Once again, i would insist that the 2nd escrow is opened and the NON-REFUNDABLE deposit sits there before my check goes hard. So if the buyer flakes, you have not lost anything (except the respect of the realtor.)
Short sales are easier because your contract is with the homeowner and it is the CAR contract which surprisingly does not have a clause that mentions assignability. Therefore, it’s assignable.Most others states have a box that addresses that issue. So don’t let some realtor tell you otherwise.
Anyone else have another way we can “beat the system”?
