Updated about 13 years ago on . Most recent reply
Devon Bank
Has anyone dealt with Devon Bank? They are out of Chicago. I have a buyer using them on one of my flips.
They have disclosed that the bank will buy the property and then sell it to them, so the buyer assigns the contract to the bank and then the bank sells them back the house. It appears it is a Freddie or Fannie product. They is still use a third party appraisal and the loan is eventually sold to Freddie or Fannie.
Has anyone seen this type of loan yet?