How can I close on foreclosure and sell to buyer quick?

4 Replies

Hey everybody I currently have a house under contract I’m buying from auction with hard money. My original plan was to rehab and flip it however my realtor found a buyer AS IS for roughly the same profit I’d get if I rehabbed it. Obviously I’d much rather do this but I’ve recently learned FHA loans don’t allow buying a flipped property for at least 90 days? I don’t want to risk holding it without doing any work for that long. I’m looking for any suggestions on how to go about getting this deal done. I’m supposed to close this Friday assuming I get all of the U&O items checked off by then.

@Joe Kelly - check the documents you signed.  May times they make you sign a document with the offer that says you can't sell it with a certain amount of days

Also, if this is a Fannie/Freddie REO, They impose a resale restriction (no sale within 90 days for more than 120% of your purchase price to anyone).