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Heard information contrary to Dean's new book

Posted on: Wed, 03/04/2009 - 02:23
Heard information contrary to Dean's new book

I recently spoke to my mortgage broker about this, and he said that a recent Maryland law as well as FHA/VA regulations do not allow this, but I wanted to know if anyone heard whether it is true or not. I was wondering if it was possible to do assignments of property once I buy a property from a seller, and then assign it to a 3rd party buyer (as long as I had a separate agreement to be paid a fee by the 3rd party buyer). Is this now banned?
Also, if I do a lease option to buy a property, and I try sell to a 3rd party at a higher sales price than what I have on contract with the seller, this is not allowed? I had heard that I can only lease option to the 3rd party at the same price as the contract I have with the seller. Thank you for your help.

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Posted on: Wed, 03/04/2009 - 03:10 #1
I don't know what your

I don't know what your mortgage broker was referring to, but there is no law against assigning a property, nor is it illegal to lease-option a home and then sell it to a 3rd party for a higher price.

We're in Oregon and we are assigning a property right now that will have an FHA loan on it. No biggie.

Get out there and go for it!

Tracey R.


Posted on: Wed, 03/04/2009 - 03:48 #2
Contracts in Maryland

My Friend,

I live in Maryland and I checked everything that it may help you out.If you have an attorney friend or real estate agent that you can sit down and show one of the assignment or lease option contract examples to them I`m sure they say there is an equivelant legal documents for state of Maryland.All you have to do is go to Real Estate Forum column top left of the web site and click on contracts and you should see all types of documents you can download it and print out.After that show your attorney and real estate agent that you comfortable with.That`s how I did it and there is no problem.

P.S. Most mortgage people don`t know what they do in Maryland,because of changing law about loan. It has nothing to do with assignment or lease option to sell 3rd party....

As Tracey told you GO FOR IT.....

If you need any help please PM me

Sonny


Posted on: Wed, 03/04/2009 - 05:23 #3
Thank you

Tracey and Sonny,
Thank you so much for your quick replies. I am so motivated when I see your enthusiasm and knowledge to combat my fears. I will definitely move forward with this. Hey Sonny, do you know of any good mortgage brokers in Maryland that you have worked with? I don't like how my current one seems to talk confidently about stuff that is not true. I need someone who is also willing to find me loans that don't require seasoning >6 months. He seems to persist that this is not possible. A lot of no's to my desires to get around obstacles.

Thanks again,
Paul


Posted on: Thu, 03/05/2009 - 00:45 #4
I do have somebody

Hey Paul,

I have a good mortgage broker.He is actually tells to truth all the time because he doesn`t like to waste anybody`s time.And he knows all the law and regulations.Just give me day or so than I can hook you up with my friend.

Take it easy now...