Buy A Foreclosure At Auction And Assign Contract?

Hello:



Is it possible to buy a property from the Court House steps and then flip the contract??? I live in New York, does anyone know of any rules against this..The rules that I know about are 10% down and must close within 30 days...So if I bid and win and put my 10% down, could I then flip it to a rehabber or another investor for a fee?? Any help would be much appreciated...



Sincerely,

Bill Morin

Comments(8)

  • cherdwelth9th July, 2006

    Nevermind ... I wrote my own letter and it will be in the mail tomorrow. Thanks anyway.

  • roboxking9th July, 2006

    Let us know how it turns out!

  • toobizee10th July, 2006

    a letter to the owner is good, a letter of intent to save time would work too

  • cherdwelth10th July, 2006

    Can you tell me what a letter of intent is? TIA

  • roboxking12th July, 2006

    A letter of intent in real estate is basically a letter acknowledging that one is ready, willing and able to enter into a contract. Whether it is enforceable or not is questionable, however many seem to agree that it is not enforceable and that it is just a letter or document stating a serious intent to do or not do something.

  • jgriff14th July, 2006

    I am in Western Pa (north hills). Give me a call on my cell. 724-316-4762 my name is Joe.

  • cubitm14th July, 2006

    Have a great deal of interest& knowledge of area, am near by in Central Pa with easy access as far as Pittsburgh. Love to hear from you.

  • joel14th July, 2006

    Rather than shotgunning the forums, please make use of our Members area. You can conduct a search there.

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