Can you assign a hud or should it be a double closing?
HUD requires that successful bidders use their specified title company to close. They will not allow a double close. However, if you were to pay cash, either yours or your buyers, then drive down to another title co, there is no way anybody can prevent this. Also, your closing costs in buying the HUD property for cash are very low. Title is guaranteed by HUD and title insurance is not required.
The only problem with retailing assignments is explaining the process to the buyer that they cannot finance the assignment fee and have to pay it cash, I never retail assignment deals [addsig]
HUD requires that successful bidders use their specified title company to close. They will not allow a double close.
However, if you were to pay cash, either yours or your buyers, then drive down to another title co, there is no way anybody can prevent this.
Also, your closing costs in buying the HUD property for cash are very low. Title is guaranteed by HUD and title insurance is not required.
The only problem with retailing assignments is explaining the process to the buyer that they cannot finance the assignment fee and have to pay it cash, I never retail assignment deals
[addsig]