Please help if you know the answer. Am I able to use an
IEE contract to do a mortgage assumption (instead of an outright buyer getting a loan right away)and just get paid a year or so later at the close?
Found seller who is willing to have someone just take over their existing mortgage, then to have the buyer refinance and buy within the next 1-2 years. Can I write a 'subject to existing financing' contract for the new buyer and seller and receive my fee a year or so from now at closing then?
In this scenario, would the 45-60 day lock up need to be changed to 1-2 years? I would think not if the new buyer is signing the new contract within the 45 to 60 days I have the prop locked up on contract.
In this scenario, could the end buyer get FHA financing? I wonder because you can not 'assign' to an FHA buyer, unless they pay your 'fee' separate from the FHA loan they receive (FHA will not pay the fee). So I am wondering what an FHA lender will say to in regards to the paper that has my 'fee' on it at closing??
Just jump in, make your mistakes-use them as stepping stones and make your dreams reality!