Assigning REO's in California?

I'm not too sure if you can assign REO's because the banks doesn't allow it but I think you can get around it by doing a double closing...but like I said, i'm not quite sure. Probably someone else could give you some more insight on this. Good Luck.

D'Angelo

Hi George, i live in SoCal Los Angeles area...
i've heard a lot of things are different in CA than the rest of the states, i've heard that we can't use and/or assigns, we have to use Land Trust, since i just heard about this yesterday, i'm not quite sure how it works.

i'm also trying to find out what is the difference between an assignment deal, double closing, back to back closing, bird-doging, and finders fee?
what different meanings do they have here in California? and what have most people done in California?
i'm thinking about moving my investing to las vegas because i've heard so much negative things about RE investing here in so cal... does any one know about the NOD situation going on in vegas? i heard that banks are holding their properties until the prices go up again, so buyers are not investing there anymore?

any help at all? thanks everyone!

Banks are not accepting land trusts anymore. There are several methods that you can use to assign REOs.

1. Buy property in an LLC and sell the LLC to an end buyer.
2. Add "exact vesting TBD at closing" and then put your end buyer on title after you receive your wholesale fee.
3. You add your end buyer to the contract and close with both of your names. Once the transaction is recorded then you quit claim the house back to the end buyer. The money is funded by your end buyer.
4. Do a double close.

Hope this helps...

KimmyJ
Press on...

www.tagteampropertiesllc.com

thanks for the info Kim, did you mean that everytime i want to do an assigment deal, i have to register a LLC(everytime?) and sell the house together with my LLC as the house is one of my LLC's properties?
or did you mean buying the house with my LLC and sell it as a product that my LLC possess? and wouldnt i need to have a brokers license to do this?
i think i'll give method #3 a try first, see how everything goes, by the way, what paper work will i need when i quit claim of the house and how exactly do i get paid by the end buyer when both our names were on the contract and since the price for the purchase is set?
can you explain to me what is the different between double closing and assignment deals?

sorry i asked so many questions, everytime i try to do research, i get caught up on some other information that i didnt know and i start reading into them.. there are just so much information its so overwelming..

the LLC each time to the end buyer.

KimmyJ

is it because when i buy a house with LLC the bank funds my deal?

You use an LLC because you can sell the property any time and not worry about the banks no flipping rules.

ic ic... thanks for all the infos, you really helped me out a lot. this DG forum is really useful, i really appreciate what everyone is doing to help out

Hi Guys,

Thanx much for your replies

George

but that brings me to some more questions, while i'm doing all these exact vesting TBD, or double closing, or quit claim the house etc, when exactly do i ask the buyer for the purchase money? because my buyer will want to look at the houses before he buys, and adding exact vesting tbd will require funding before i find a buyer am i right? how do i go about this if i dont have any money? and i dont think the bank will let me lock up any of these houses..
and how do i show him the house first without being afraid he'll cut me out of the deal?

thanks again!!

I plan to buy REO properties in LLC and then sell the LLC to the end buyer. This way you can still "assign" the "non-assignable" REO and short sale properties.

Would anyone share their buy/sell LLC agreement with their end buyer?

Thank you,

Haim