Asking my ActiveRain friends for a little advice !!!

RUN!  That's right out of Carlton Sheets/Russ Whitney/et al.   You CAN NOT, in almost all cases, assign a contract with a short sale or foreclosure.  Can you guess why?  Because the banks understand that all that is happening is another hand is getting put in the register at closing...

Most homeowners will not understand how that works but I, as a listing agent would NEVER take a contract like that, unless it was a very difficult, cash only property, and only then, if I had exhausted every legitmate investor I know in the area...and even then I probably wouldn't!

My experience with banks has been the same, they will not allow any assignees, I think that the best option would be to stick with traditional sales (good luck). Buying real estate with other investors money is common, it just takes a little more creativity to get the deal done. I would make sure that he can "prove" the legitimacy of his "investors", get a buyer broker agreement for sure! If not you could be wasting a lot of your time. Good Luck!

Britney, sounds like your investor has gone through the George Roddy Jr. investing classes.  The agent you spoke to in your office is correct. Banks won't like assigns.  FSBOs may not know what they're getting into.

I always inform investors that a purchase contract will require a personal financial statement form their bank. That stops fakes in their tracxks. If your client has access to other sources of money, this would be verified through his lines of credit.

Hi Britney... I have been down this road before... ask your broker, he offered me very good advice on a similar scenario involving short sales a few years ago that saved me from wasting a LOT of time and energy.