Contract assignment

[Anthony Williams]

Can I assign a contract on a property that has an existing mortgage on it? Its not in foreclosure yet.

[John Thedford]

Operating as an unlicensed broker has its problems. All the yahoos on BP promoting this stuff will RARELY make any REAL money.
So, you put it under contract? Do you tell the owner you have NO intention of closing if you cannot assign it? If they are in trouble and need to sell fast, and you mislead them, could that really HARM them? You bet. Lots of owners are scammed by unlicensed brokers every day. So are buyers. If you do put it under contract, don't you think your seller AND buyer would want to know. The way you phrase your post, it sounds like it could be under threat of foreclosure?

This is why people that know better don't believe all the get rich make money garbage. Unlicensed brokering is TOUGH. Even as an agent, with 7 figures worth of RE, not once have I assigned a contract (even though people offered me money for some contracts). I make a HECK OF A LOT MORE holding the properties instead of taking a few bucks. If you want real wealth, learn how to buy and hold. You COULD even buy and hold sub2 IF you have the money to pay the loan if it is called. Most of the unlicensed brokers on BP are frauds and scammers. You can operate that way...or care about your reputation, how your treat others, and look at the way successful people make real lasting money in RE. It isn't playing the games most of these scammers and frauds do.