REO,HUD,VA flipping - Posted by Lionel

Posted by george on April 23, 2006 at 13:42:17:

Read the addendum closely. I will bet it probably says that a Fannie Mae lender for a new buyer will require the six months.

If you buy a property from anyone, you have the right to sell it for ten times that amount the next day. No one can control your profit. A lender can restrict a buyer from overpaying (in their eyes), however.


REO,HUD,VA flipping - Posted by Lionel

Posted by Lionel on April 23, 2006 at 13:10:05:

When I tried to get an REO under contract, it had an addendum that I could not sell for more than 20% within 6 months after closing. I flip houses in 3 months. Do all REOs, and HUD,VA for that matter, have this addendum?

Re: REO,HUD,VA flipping - Posted by Natalie-VA

Posted by Natalie-VA on April 24, 2006 at 07:32:57:


No, they don’t all have this addendum. I’ve heard about it lately, but I’m not sure if it’s enforceable. Ask your lawyer.