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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Assignment of purchase agreement... Posted by Ward-CA- on March 14, 2002 at 7:19 AM In Reply to: Preforeclosure Home posted by jkr on March 13, 2002 at 12:54 AM : Property appraised at $210k. Owner owes $160k. Owner willing to sell to me and walk away...bankruptcy also in Illinois. Problem: I'm currently tapped...have 3 houses in rennovation stage and bulding a new spec house. Have until July before sale at auction on this property. Question: To limit upfront capital needed, Any way to buy this house via an option contract of some sort, try and sell this house before the end of the option period: if can sell, get a quick claim deed or something to secure ownership before closing and tittle work: if not, let the property go to foreclosure and only be out the option cost...say $500 or so? Is this possible at all? : Thoughts on this Ward? I'm new to the creative financing game. =•=•=•=•=•=•=•=•=•=•= My thoughts are that you negotiate this to the best deal you think possible and then open a 60 day escrow to purchase that incorporates a weasel clause, one that let’s you back out if you can’t sell (assign) your buyer’s position to anyone before the close of escrow. A common weasel clause is one that states that the purchase is dependent upon the approval of your financial advisor, Jane Doe, within 15 days of opening escrow. Once you’ve got a negotiated deal in escrow you have something tangible to sell to a fellow investor. At that point go pitch the deal at your local real estate investment club. Just in case you don’t happen to have an Assignment of Purchase Agreement form I’m e-mailing you one in PDF format. Good luck. Follow Ups: Re: Assignment of purchase agreement... Steve 2:39 PM, 06/27/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Property appraised at $210k. Owner owes $160k. Owner willing to sell to me and walk away...bankruptcy also in Illinois. Problem: I'm currently tapped...have 3 houses in rennovation stage and bulding a new spec house. Have until July before sale at auction on this property. Question: To limit upfront capital needed, Any way to buy this house via an option contract of some sort, try and sell this house before the end of the option period: if can sell, get a quick claim deed or something to secure ownership before closing and tittle work: if not, let the property go to foreclosure and only be out the option cost...say $500 or so? Is this possible at all? : : Thoughts on this Ward? I'm new to the creative financing game. : =•=•=•=•=•=•=•=•=•=•= : My thoughts are that you negotiate this to the best deal you think possible and then open a 60 day escrow to purchase that incorporates a weasel clause, one that let’s you back out if you can’t sell (assign) your buyer’s position to anyone before the close of escrow. : A common weasel clause is one that states that the purchase is dependent upon the approval of your financial advisor, Jane Doe, within 15 days of opening escrow. : Once you’ve got a negotiated deal in escrow you have something tangible to sell to a fellow investor. At that point go pitch the deal at your local real estate investment club. Just in case you don’t happen to have an Assignment of Purchase Agreement form I’m e-mailing you one in PDF format. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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