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REOs And Double Close

chilln2music profile photo
  • Friday, September 01, 2006 @ 03:08 PM EDT
  • 4 Comments
In general, do banks that own properties allow double closings? I know they will not accept a contract assignment and even worse most HUD properties use lenders with seasoning agreements preventing quick flips.

What has been your experience with REOs and quick flipping them?
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  • chilln2music
    chilln2music18th November, 2005
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    I should have asked...

    Will banks sign contracts with the only repercussion for failing to purchase be a loss of an earnest money deposit (and yes, I understand, usually $1,000 w/ realtors)?

    THANKS

  • getitqwik
    getitqwik2nd December, 2005
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    Hud rules:

    http://www.hudclips.org/sub_nonhud/cgi/pdf/28050.pdf

  • jgonzalez
    jgonzalez30th August, 2006
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    I am also in FL, Sanford
    I am seeking a title company that can double close
    and a lender that will fund.
    Any in would be helpful

    thanks

  • jbinvestor
    jbinvestor31st August, 2006
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    A quick way to work this is to find a provate investor willijng to lend you the money to purchase the property at the closing. Borrow the money for a few minutes until you sell it in a double close.

    JB

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