Flipping HUD Properties??

Comments(8)

• 
  juanky5th November, 2003

  HELP???

• 
  juanky5th November, 2003

  Quote:
  On 2003-11-05 21:57, juanky wrote:
  HELP???

• 
  GMTRADING5th November, 2003

  HELLO JUST READ YOUR MESSAGE IT ISN'T GOING TO HAPPEN FIRST OF ALL FHA LOANS REQUIRE THAT YOU CLOSE WITH THEIR TITLE COMPANY.
  yPU CAN CLOSE HARD EQUITY AND CLOSE YOUR END BEFORE THE DOC'S GET RECORDED BUT THEN YOU WILL HAVE A SEASONING ISSUE

• 
  Optimum5th November, 2003

  juanky,
  If you post the details of your transaction as well as what you intend to do then I am sure you will get the help your looking for.

• 
  rajwarrior5th November, 2003

  If you're just trying to resell it quickly, it's not a problem.
  
  Seasoning will be an issue and your buyer will not qualify for FHA financing if it's within 3 months of your buying the property.
  
  Find a good mortgage broker that has some lenders that do limited/no seasoning loans and send your potential buyers to them.
  
  I bought a HUD and resold it within 3 months to a couple with a 590 credit score and a 2 yr old bankruptcy. They get 100% financed. It pays to know good mortgage brokers.
  
  Roger

• 
  juanky5th November, 2003

  Well,
  I fot this HUD property for $200K. The property needs about $20K in repairs mostly cosmetics. It can easily be sold for $290K-$300K after repairs. I would like to flip it to another investor w/o repairs on the day of settlement or find a buyer "AS IS" and go to settlement on the same day. Any feedback

• 
  DaveT5th November, 2003

  Quote:I would like to flip it to another investor w/o repairs on the day of settlement or find a buyer "AS IS" and go to settlement on the same day. Any feedbackjuanky,
  
  The first thing you need to do is prepare to go to settlement with your own purchase money. You may still be able to pull off a double close, but to do that you have to first complete the purchase.
  
  The worst case scenario is that you only forfeit your earnest money deposit.

• 
  juanky5th November, 2003

  Should I start advertising the property on the newspaper to attract buyers before I go to settlement to do a double closing??