Wholesaling Hud Houses

[Dan Koch]

I've bought a hud home before, but never wholesaled them.

What is the whole deal of setting up a Non for profit to wholesale Hud homes?

Also, are there any challenges to wholesaling them as opposed to conventional wholesaling?

[Greg P.]

Sure. Once you have it under contract after the bid is accepted, start finding your buyer. Once you have your buyer, ask your realtor to add your partner a.k.a buyer onto the contract (very simple amendment). Explain to your buyer what is going on and then you and your buyer write a separate purchase agreement stating at closing you will be quit claiming him the deed and get earnest money. Draft up the quit claim deed (use your state's), then bring the document to closing. Have the closer notarize it and have the buyer write you a check. Super easy after you do one. I'd also recommend using a HUD agent (someone experienced) and he will explain to you how to do this. My realtor was the one who helped me throughout the whole process. Good luck.