Utilizing a Blind HUD-1 with a Hard or Private Money Loan
Hello everyone. I'm wholesaling a deal. I'd like to know if escrow/title will allow me to use a blind HUD-1 when the buyer is taking out a HML or private loan. Thanks.
Most Popular Reply
This can be done... it's called a seller-side HUD.
It's a request we get fairly often and I quite frankly don't understand it. If you're doing business transparently, the seller should know and understand that as a wholesaler you're in business to make a profit. Either you're providing a valuable service (fast close, no repairs, etc.) that you should be proud of or you're not.
If you're that embarrassed then double close. Oh you don't want to spend the money to do so? I'm shocked.
These same folks redact the purchase price from the PSA and in their assignment agreement don't refer to an assignment fee but rather the "total purchase price"... leaving the end buyer to find out the actual deal at closing.
It's this kind of shady BS that does give solid wholesalers a bad name.
- Tom Gimer
