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Forums » Wholesaling » HUD Homes

HUD Homes Subscribe to HUD Homes

7 posts by 4 users

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Deon C.

Developer · Southfield, Michigan


Forum_avatar_avatar-dc_lmc

Icon_minipost Nov 23 '09, 12:45 AM

Can HUD homes be wholesaled using a simo-closing and with a cash buyer. Thanks in advance for your responses....

Edited: 06/26/2010 at 10:37AM


Bill R

Contractor · Oviedo, Florida


Forum_avatar_avatar-watchercc

Icon_minipost Nov 23 '09, 01:25 AM

I think this post will help some, I myself haven't done much with Hud homes.

Beginners Guide To Wholesaling: Killer Exit Strategies pt.1 by eric medemar

Edited: 06/26/2010 at 10:37AM


Mark Yuschak

Rehabber · Grand Blanc, Michigan


Forum_avatar_avatar-blackhawk99
Pro Basic

Icon_minipost Nov 23 '09, 01:58 AM

Originally posted by dc_lmc
Can HUD homes be wholesaled using a simo-closing and with a cash buyer. Thanks in advance for your responses....


You wouldn't be able to simultaneous close a HUD house. The title company for HUDs in the Detroit area (which you would use if you were to buy locally), is Custom Closing, LLC. They only deal with HUD properties.

You'd have to buy it in your name, then immediately resell it as a seperate closing, using a different title company...or not even use a title company.

Edited: 06/26/2010 at 10:37AM


Deon C.

Developer · Southfield, Michigan


Forum_avatar_avatar-dc_lmc

Icon_minipost Nov 23 '09, 02:59 AM

Thanks for the info Bill and Mark.

Mark:
That's exactly what i was thinking in regards to double closing by using two different title companies. When you say buy it in my name, would I be able to use my companies name instead?

Also, if I read correctly, are you saying use Custom Closing for my second closing?

Edited: 06/26/2010 at 10:37AM


Tiara Murray

Wholesaler · Detroit, Michigan


Forum_avatar_avatar-tiara

Icon_minipost Dec 07 '09, 03:07 PM

Hey Mark what title companies do you recommend in SE Michigan that are investor friendly and willing to do Simo closes on REOs or FSBOs?

Edited: 06/26/2010 at 10:46AM


Tiara Murray

Wholesaler · Detroit, Michigan


Forum_avatar_avatar-tiara

Icon_minipost Dec 07 '09, 03:08 PM

Hey Mark what title companies do you recommend in SE Michigan that are investor friendly and willing to do Simo closes on REOs or FSBOs?

Edited: 06/26/2010 at 10:46AM


Mark Yuschak

Rehabber · Grand Blanc, Michigan


Forum_avatar_avatar-blackhawk99
Pro Basic

Icon_minipost Dec 07 '09, 07:32 PM

Originally posted by dc_lmc
Thanks for the info Bill and Mark.

Mark:
That's exactly what i was thinking in regards to double closing by using two different title companies. When you say buy it in my name, would I be able to use my companies name instead?

Also, if I read correctly, are you saying use Custom Closing for my second closing?


Yes, you can use your company name to buy and resell HUD houses. You just have to ensure that the entity which will hold title to the property is the one which submitted the bid. So, if you submit the bid in your personal name, and it's accepted, you can't then make the buyer's name to be your company. They won't allow it since they consider it an assignment.

You'd have to use Custom Closing for the HUD purchase. You can use whoever you want for the B-C closing.

Edited: 06/26/2010 at 10:46AM


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