Well Alain, digging up old threads telling someone they are correct......guess you just wanted to post something.
Except ALTA has restricted double closings, you need good funds to close.
REOs don't allow assignments.
HUD has a settlement package that goes to the title/settlement agent, called closing instructions, try wholesaling by assignment and see how that works! It won't.
Buy it, then sell it, you can buy REOs and date your settlement past the deed restriction, called possession prior to closing.
For wholesalers, another bad idea going to HUD or banks. :)
Some banks will put in deed restrictions that make it very hard to wholesale REO's. HUD you have to do a double close. As an aside, in the strong sellers market we are in, HUD's and REO's are a quickly shrinking pool of preoperties. You might want to look to other sources of properties.
@Todd Plambeck, you are correct in all you said, except that HUD is unlike other bank owned properties and does not have deed restrictions. You can buy and sell right away without any issue.
Well Alain, digging up old threads telling someone they are correct......guess you just wanted to post something.
Except ALTA has restricted double closings, you need good funds to close.
REOs don't allow assignments.
HUD has a settlement package that goes to the title/settlement agent, called closing instructions, try wholesaling by assignment and see how that works! It won't.
Buy it, then sell it, you can buy REOs and date your settlement past the deed restriction, called possession prior to closing.
For wholesalers, another bad idea going to HUD or banks. :)