Bank Owned Caution - Posted by Jill

Posted by Steve-DC on March 14, 2002 at 08:38:02:


A. No, you do not have to close on the property to flip it. You can assign the deal. You can take your chances with the bank and cross out the assignment clause, or you can use Steve Cook’s idea of making the offer with an LLC and selling the ownership of the LLC rather than actually assigning the contract.

As far as access goes, personally I would cross out any of that language and just tell them you’re going to need to get your partner, contractor, architect whatever, in there to see the place, so you can get started working right away after close.


Bank Owned Caution - Posted by Jill

Posted by Jill on March 14, 2002 at 01:03:01:

Hello To All! I am about to make my first offer. The propety is bank owned and located in Maryland. Question - Do I have to close on this deal before I flip? The addendum states that I can not assign, nominate or otherwise transfer any rights, title or interest in this agreement without the prior written consent of the Seller prior to the close of escrow. Also states that I can not show the property. What should I do differently? I am excited and afraid at the same time. Thanks for all the help so very much!