Posted by Arlene on September 08, 2003 at 16:35:29:
If you want to have a simultaneous close what kind of contract do you put on the house? Do you say subject to financing?
thx
Flipping REO`s - Posted by rick
Posted by rick on September 08, 2003 at 11:29:19:
How are you able to flip REOs if the bank wont allow you to assign it and how do you do it.
Re: Flipping REO`s - Posted by Randy
Posted by Randy on September 08, 2003 at 12:13:55:
Don?t use a Bank to finance it? You basically need HML or private source that will ?advance? the acquisition cost and allow a simultaneous close if you are flipping or assigning your purchase to another investor/end buyer. The REO Bank doesn?t care as long as you have cash at closing.
Re: Flipping REO`s - Posted by rick
Posted by rick on September 08, 2003 at 13:23:18:
so when making and offer on a reo dont put and/or assigns just make the offer and tell your hardlender that you would like to sell it to another investor. just dont want to get stuck right now with no rehab projects could you clarify that for me
Re: Flipping REO`s - Posted by Randy
Posted by Randy on September 08, 2003 at 13:50:56:
Most REO’s will not accept and or assigns. The deal is to you.
Re: Flipping REO`s - Posted by rick
Posted by rick on September 08, 2003 at 14:02:11:
so i would close on it and than have my rehabber or investor sign a assigment form than can close with them and recive my assignment fee wouldn`t that be a simutanous closing am i right or wrong
Re: Flipping REO`s - Posted by Randy
Posted by Randy on September 08, 2003 at 14:27:02:
If you close on it You own it, there would not be an assignment. So just sell it at point. A simultaneous close is where you pay off the underlying 1st and ?simultaneously? sell to another buyer without going on title. Title passes from the original seller (REO) to the rehabber with you receiving the difference between your purchase price and your selling price.
A double is when you buy it, title changes to you; you in turn sell it closing again to the end buyer, depending on how you set it up and how the financing is arranged. If your paying cash and your rehabber is paying you cash no problem. If either of you is relying on financing the ?Lender? may have an issue with title seasoning (back to square one). You need to have a creative lender involved unless it?s all cash. If you need help locating one let me know.