!!FLIPPING!! HELP! - Posted by victor

Posted by victor on June 02, 2000 at 06:51:38:

thank you for the info!boy i love this site.

!!FLIPPING!! HELP! - Posted by victor

Posted by victor on June 01, 2000 at 21:02:43:

I’ve found a house for $7,000 worth $35-40k,after repair value,and It needs 6-8k for repairs,listed with a realter.The propery Is bank owned,but the realter says I cannot assign the purchase contract to anyone. Can I still flip this house,with only earnest deposit? Is it legal to find a buyer and have him/her at the closing table and do a simotanious close? Would I have to buy the property first,or do I move to the next deal? Any advice would be appreciated.

Re: !!FLIPPING!! HELP! - Posted by DT

Posted by DT on June 02, 2000 at 02:24:22:

Yes its legal but the best way to go with it is to have a buyer with CASH for a simultaneous closing because if the buyer has to get a Mortgage to buy it from you than a title report will show that you are not the current owner of the property and the banks are now frowning on non seasoned title flips…Even the private note buyers are tightening up with non seasoned flips and simultaneous closings with table funding…
Some alternate ways you could get the buyer money would be an equity loan against any property they might own or a personal loan…Mabey his/her credit cards… If they could come up with half the cash I am sure you shouldnt have a problem locating the other half with non conformiing resources any problems email me