HUD flips? - Posted by Bob-MD

Real Estate Investing
1

Posted by Nancy on April 02, 1999 at 20:57:03:

Would you please provide a few details? I am interested in doing some HUD flips in my area as soon as they are offerred again.

Thanks so much

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HUD flips? - Posted by Bob-MD

Posted by Bob-MD on April 02, 1999 at 05:37:00:

Has anyone had any success in controlling and flipping HUD houses? How do you handle them? Will HUD let you assign the contract?

Bob-MD

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Re: HUD flips? - Posted by Ray S(FL)

Posted by Ray S(FL) on April 02, 1999 at 15:57:53:

Bob,

My first flip was a HUD. I think it depends on where you are located. As for me, the title company was very familiar w/ flipping and the title agent said that most of the HUD properties that they had done lately were all flips. I faxed over my contract to sell and she did the rest. It was very nerve racking simply because it was the first one and it was HUD.

I would call the title company and ask if they are familiar w/ simultaneous closings. HUD uses the same title company for all the transactions in a geographic area.

Hope this helps,
Ray

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Re: HUD flips? - Posted by Tim (Atlanta)

Posted by Tim (Atlanta) on April 02, 1999 at 08:20:22:

You cannot assign a HUD contract, but I have heard of people putting HUD properties under contract, finding a buyer, then doing a double closing. But beware, HUD has become much tighter lately about returning the earnest money deposit. They require that you put up $500 earnest money. If you can’t find a buyer, you must close yourself or lose the $500.