Flipping Foreclosures
Anyone had problems trying to flip foreclosures? I guess more specifically I'm wondering if there are different terms and conditions that I need to be aware of that might come up to bite me. Here's my plan. Please tell me what you think.
Foreclosure been vacant for over a year. Definitely needs work, but salvageable. The item is listed saying: Lender owned, sold AS IS no disclosures, no warranties, special addendums/conditions required.null I was hoping to put an offer with a 2 week time frame contingent upon a house inspection. Once I get the offer accepted I search like mad for a rehabber who I could flip it to. If I don't find one then I say the house is in too bad of shape and I walk. Question. Is this doable, and secondly are there special conditions with foreclosures that might prevent me from walking away because it didn't "pass the inspection." Any additional thoughts would be greatly appreciated.
I don't see any reason why you could not flip it to a retailer. The end user who secures financing through a conforming lender may need a lender who doesn't care how long the retailer had the prop before they fund. Of course, the longer the retailer/rehabber holds the prop. during rehab, the less of an issue this becomes.