Flipping Forclosures
Hi all,
If I buy a house at auction, do I have to close on it myself, or can I assign my interest to another party before the city ratifies the sale, and let them close on it? Thanks ahead of time!
We buy foreclosures in Delaware. 10% down on non-tax sales at the time of the winning bid. Must pay the remaining amount in full in approximately 28 days. You can assign your interest to someone else as long as it is written and the people are present or you have an attorney represent you.
I am in Anne Arundle county Md and we assigned another buyer at the time of settlement after the ratification which fortunatley for ushad some problems and we were able to rehab the house and find a buyer in the many weeks it took. Under normal circumstances you pay a deposit at the auction and the balance at settlement after ratification which usually takes 3 weeks or so.
In Florida, we complete an "assignment of bid" form, hand it to the Clerk of Court, and the property is then titled in the name of the new buyer.