BiggerPockets

Yes it applies to double closings. Its specifically meant to thwart double closings and similar transactions.

REOs can be such good deals that is does not even matter. You can have everything covered when buying a REO that not much will affect you.

Some REO now allows you to assign it... did 2 like 3 months ago. I almost peed in my pants...

Now if they put a deed restriction on it... you really gotta think of a few things.

#1- Are they making you sign an affidavit... or are they telling you that you cant? In my opinon and my legal counsel... they have no right what so ever to do it... SO.. if my title company insures it... it's a biz risk I'm willing to take... keep in mind that REO's will try to use there title.. if so then they will put a clause on it... so use your title company but be prepapred to pay ALL of the closing cost...

#2 Make offers with a trust - sell benificial interest... really clean way to do it...

#3 Make the end buyer "the bank" - we used the end buyer as our money source... by doing a short form deed of trust assignement of rent... and funding the close.... then we will deed the property to the end-investor (kinda like a deed-in-liu)... in return for a reconvanyce so you're not on the hook for the loan. Real clean way to do it

#4 if you can assign it... just do it in escrow... and have the end-buyer over fund it.

Use a trust... sell beneficial interest...

I just saw a great discussion on a different thread. So I cancelled my question.

For Fannie Mae properties, the restriction is that you cannot resell for more than 20% of your purchase price within 90 days. That's applicable in Ohio at least. After that, you can do whatever you want.