Pre-payment Penalty
Hi guys! Quick question. I found a property in Atlanta Ga., for around $70k, but it appraises for around $100k. What I would like to do is purchase the property, and then quick sell it to someone else, so that we could cask out on the $30k. Is that illegal? If not, how would I go about doing that in this state without catching a pre-payment penalty? Do I have to wait a certain amount of days or could I buy and sell on closing day. Any advice on this subject would be greatly appreciated.
1st no it is not illegal if your not inflating the appraisal above it real value.
2nd when you wholesale you do not get a loan, the title company consider it the cash side so there will be no pre-payment that would concern you.
You have to find a lender for the retail side that does not care about title seasoning.
You have to find a title company that will allow you to do the transaction from back to front