guys I'm hoping to find out all I can about this subject any input would be great!
- What type of HUD homes can I wholesale?
- How long does HUD give you to close?
- Can I have my buyer wire the funds in before the HUD home is scheduled to close?
- Can I back out if my buyers back out?
- Can I assign my contract with HUD or is it strictly DOUBLE CLOSINGS
Hey @Cameron Ellis
I've been asking these same questions as well. I'm trying to do the samething
-Not sure what you mean by what type of properties
-After your offer is accepted you get 45 days to close
-You're gonna need transactional funding
-I believe you can back out but you will lose you earnest money desposit, some companies will only give you funding based on you already having a end buyer
-And yes I also read you have to do a double closing
You cannot assign a HUD contract and transactional funders will require you to have an end buyer. If you do not get one you can back out all the way to closing but will lose your earnest money. You also want to know that some HUD appointed closing agents may not want to close both transactions, so you may need to move it to an investor friendly title company. In some parts of the country HUD stipulates up front that you can pick the title company.
Ted Akers, Transactional Funder
Hey @Cameron Ellis Curious if you had any luck wholesaleing that HUD home?
You have to supply HUD with proof of funds at time of contract and it has to have a good paper trail between the contract purchaser and the source of funding. I buy in an LLC and the funds come out of a personal account. I have to supply HUD with LLC docs showing that I have signature authority for the LLC and a letter stating that the funds are coming out of a personal account.
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