| Can Anyone Help Me With These Scenarios?????
Scenario #1
I am pretty sure you are aware of the real estate investing hype and people are trying to get creative by doing contract assignments and double closing. Would mortgage lenders do such mortgages. Giving an example: Buyer1 goes into contract with seller to purchase property for $x. Buyer1 then goes into contract with Buyer2 for the same property for $x+y and Buyer2 is looking to get a mortgage for $x+y. In this scenario, Buyer2 is coming with all the financing and at closing Buyer1 makes a profit of $y. Can Buyer2 get a mortgage successfully in this transaction?
Scenario #2
Buyer1 gets into contract with seller for $x. Buyer1 then assigns the contract to Buyer2 for an assignment fee of $y. Will buyer2 be successful in getting a mortgage of $x+y?
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