flipping hud homes - Posted by patrick

Real Estate Investing Real Estate Gurus
#1

Posted by Rob FL on January 09, 2001 at 12:33:37:

Yes, you do have to close the deal completely but it doesn’t matter where the money comes from. You don’t need your own financing. You could pay all cash if you have the money available.

When you do a double closing you are in effect paying all cash because the 2nd buyer is paying all cash to you and then you are paying it to HUD. This all happens basically back-to-back. All HUD and VA as well as most REOs from banks require a double closing.

Double closings happen all the time with HUDs. Your agent is misinformed.

#2

flipping hud homes - Posted by patrick

Posted by patrick on January 02, 2001 at 19:11:50:

has anyone flipped a hud home
is it as easy as any other
???

#3

Re: flipping hud homes - Posted by Rob FL

Posted by Rob FL on January 03, 2001 at 07:44:40:

You will have to do a double closing since they don’t allow their contracts to be assigned. HUD homes get flipped all the time.

#4

Re: What does “double closing” mean? - Posted by lihi CA

Posted by lihi CA on January 04, 2001 at 11:00:49:

Re: What does “double closing” mean?
Please explane

#5

Re: What does “double closing” mean? - Posted by Rob FL

Posted by Rob FL on January 04, 2001 at 15:32:53:

That means 2 closings occur back-to-back. 1 closing from HUD to 1st buyer. 1 closing from 1st buyer to 2nd buyer.

#6

Re: What does “double closing” mean? - Posted by robert

Posted by robert on January 04, 2001 at 22:06:43:

Your closing agent simply closes with your seller first and ask him or her to exit the room and then closes with your buyer that brings your funds…a check is cut 4 your seller and remainder goes to you and closer’s fees…closer should be aware of this closing in advance

#7

Re: What does “double closing” mean? - Posted by Greg

Posted by Greg on January 07, 2001 at 24:40:15:

Hi Rob

My agent does alot of flips for me, but he said that it could not be done with HUD. The reason was that Hud required that I had to close the deal completely out (finding my own financing) and then I could sell to anyone. Is there a way around this?