After tons of reading on this site and others I'm still getting mixed responses and ideas on who pays the closing fees and such when doing assignments.
Were going to do assignments exclusively, no fixing and flipping right now.
We still read where the assignor pays the closing and title fees, and some that say you don't pay none of that, it is between the buyer and seller, not you.
And we have even read where to make an offer on a place it wouldn't be a bad idea to be pre-approved for the amount of the purchase price of the home you are going to assign.
Seeing as we are new to this, totally new, these mixed reviews have us scratching our heads.
If were assigning the property to another buyer, not us, why would we have to pay the closing and title fees and for that matter why should we have to be pre-qualified for the purchase price, were not buying it and have no intentions of buying it.
I have spent the last 2 months doing nothing but reading on this subject, and we still have blank spaces that need to be filled in, it would be nice to have a mentor to work with but once again that involves large sums of money, we are shoe-stringing this, if and when we get the money rolling in then we'd be able to put the money towards some formal training, which would be a plus for us.
But to do the first assignment with no money down is still out of reach until we fill in the blanks so to speak.
So many mixed thoughts and reviews I can see why so many are still scratching their heads:) I have even read that assignments are illegal in certain states and that you need a real estate licenses to do it. I'm sure you all here have run across the same things too, we are anxious to get this going but still feel that unless the definitive answer, if there is one, can be given, were at a standstill here.
The basic question is: Are no money down assignments possible, I can see the $100.00 earnest money being needed when setting up a purchase contract, but us paying all the fees and being pre-qualified don't make sense.
Thanks for your time and patience