REOs And Double Close
In general, do banks that own properties allow double closings? I know they will not accept a contract assignment and even worse most HUD properties use lenders with seasoning agreements preventing quick flips.
What has been your experience with REOs and quick flipping them?
I should have asked...
Will banks sign contracts with the only repercussion for failing to purchase be a loss of an earnest money deposit (and yes, I understand, usually $1,000 w/ realtors)?
THANKS
Hud rules:
http://www.hudclips.org/sub_nonhud/cgi/pdf/28050.pdf
I am also in FL, Sanford
I am seeking a title company that can double close
and a lender that will fund.
Any in would be helpful
thanks
A quick way to work this is to find a provate investor willijng to lend you the money to purchase the property at the closing. Borrow the money for a few minutes until you sell it in a double close.
JB