All Forum Posts by: Ruben Ramon

Can I get the assignment fee at closing?

Hi, I am a real estate appraiser in Michigan. I am looking to start applying what I know in real estate. I am looking for investors and I am looking for end buyers for wholesaling.

You need to consider a few things. First, your lender is the worst one to consult with when it comes to advise on your property. You should check with your contract with your lender to see if changing the use of your property would trigger a due on sale clause.

Second, you need to check with your local zoning board, if its zoned to see if its legal to do such a thing. As an appraiser, I tend to look at a mother in law apt as a cheap apartment, and it tends to turn properties into an income producing property.

It is wrong to assume that if you turn it into a two family, that the value will go up. I do not know your market, but in my markets, the pool of buyers for income producing properties are smaller, and the pool of people looking to buy a property with a mother in law apartment. Are you in a neighborhood where there are primarily one family properties?

After youve gone through that, you need to see if the actual return on your money invested is worth it.

Hope that helps.

I'm dealing with Chase on a short sale. They have the first mortgage on the property, there is a heloc there as well. Does anybody know what percentage of the bpo they will take on a short sale?

Hello, I'm new to the board.

I am working on a deal that looks like this. The property is in Michigan, a mortgage state. I have a property that has been through the sherieffs sale and is now in the redemption period. There are two liens on the property. The second mortgage, I have a pay off letter, and the first mortgage, I'm working on now trying to get a payoff. I have a buyer for the property ready to go. My plan is to assign him the contract. I am basically going to be a middle person.

Practically, I was thinking of a double closing. That is, I go to the table with the sellers, get a quit claim deed and then go over to the final buyer and provide him with a warranty deed, paying off all the liens on the property and walking out with the difference.

Question: the agent I'm working with says the double closing is fraud. I don't see how its fraud as everything is being disclosed and I'm being straight forward with everyone involved. Is it fraud? I have another concern, and that is that I'm not on the prelimary HUD anywhere.

I want to help out people, and I've come to a good solution for everyone involved. But I also want to get paid...I've put a lot of time into this.

Any advise would help.