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Forums » HUD, VA, and Tax Sales » How to Assign a HUD

How to Assign a HUD Subscribe to How to Assign a HUD

6 posts by 4 users

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Forum_avatar_avatar-heather

Nov 10 '07, 09:52 PM

I just began my career in wholesaling and found a HUD home that I'm interested in purchasing. Is there a way to assign the HUD home to my rehabber?

Edited: 06/26/2010 at 04:14AM


Tom Wood

Residential Real Estate Broker · St. Louis, Missouri


Forum_avatar_avatar-gfwproperties

Nov 11 '07, 05:07 AM

In general no. They don't allow assignments. If they allow you to buy the property in a trust you could technically " assign" the beneficiary of the trust, but that can be a lot of paperwork. You could also try a simultaneous close, but that requires a title company or an attorney to know what they are doing.

Edited: 06/26/2010 at 04:14AM


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Forum_avatar_avatar-heather

Nov 11 '07, 07:28 AM

I am familiar with double closing and so is my title company. So, would I just send the lender a letter of intent and include our offer amount? I'm assuming that this would work. Let me know if you agree.

Edited: 06/26/2010 at 04:15AM


Tom Wood

Residential Real Estate Broker · St. Louis, Missouri


Forum_avatar_avatar-gfwproperties

Nov 11 '07, 06:22 PM

It may depend on your area. Here in Missouri, all HUD offers are placed on-line and it requires that you use a HUD registered agent to submit it for you.

Edited: 06/26/2010 at 04:15AM


Allen Bailey

Commercial Real Estate Broker · Memphis, Tennessee


Forum_avatar_avatar-allenbailey

Nov 21 '07, 11:31 AM

In general HUD and REO properties can not be assigned.

There are 2 ways around the situation.

1. Double Closing

2. Submit the offer from a LLC or corporation that you created just for this purpose. Then sell the LLC interest or corporation stock to the new owner. I did not suggest a land trust for this as the HUD contract requires a tax id number.

Edited: 06/26/2010 at 04:17AM


Mia Brooks

Real Estate Investor · Florissant, Missouri


Forum_avatar_avatar-mbrooks3

Dec 01 '07, 06:11 AM

I've found that sometimes that can be a touchy subject among title companies. Heather...if you don't mind...who is your title company?

Edited: 06/26/2010 at 04:19AM




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