Has anyone tried assigning a contract on a regular person that is not an investor. I been thinking about using this strategy because you don't need a house with great equity. I been thinking about helping people get into a home, help them with the loan process also. I would show them homes through my Realtor and when they find one they like, I will put in under contract. Once under contract, I will sell them the contract or house to them. I would explain everything in the beginning to them so everything is transparent. I will tell them that I can make it easy for them to own a home and negotiate the price with the seller so I can make a small profit for my work.
I know this is tricky because most banks and types of loans like FHA's, will not finance a house that is not under the buyer's name. I can also try the Instant Equity Exchange or IEE method that Dean talks about. THat is where I back out of a contract through a several forms. The last method to this would be through a double closing . This requires a lower price with the seller because now there's 2 closings involved.
Anyone tried this or what is your take? Thanks!
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!