Is It Possible?
The owner is in Foreclosure. Dealing with lender. Made an offer to a lender. Lender accepted it. Is it possible to put the property under contract and then flip the contrract to another buyer or investor? Thank you for your idias. I am new.[ Edited by DinDan on Date 08/17/2005 ]
If the numbers work where you have a positive cash flow, then you can this is call double escrow.You have a buyer for the house already accept the terms, the deal is subject to obtaing financing. You , with the lender of the foreclosure property subject to buyer approval. Get the idea. you have to do is the set up. Do you have money or can get a loan . have $$$ in reserve to wait for the buyer.How long can a property like that sit on the market for?
I have at least 6 moths.
Thank you guys. Need the time to digest the info.
Thanks to all who answered. To clarify the idea further the scenario is like this.
FMV = 700K
Lender Price = 495K ( maybe some repairs needed)
The house in the good shape but not in good neighborhood in the bronx, New York. So what do you say?
numbers look good to me-flip it to another investor to get a quick profit and go on to another deal until you have enough reserves to quit that day job!
Monica
I agree with Mimoca32. Make sure you get the property under contract so that you control it, then flip it to a rehabber. You can probably make $20-50K on it.