South Carolina: Issues w/ HUD...
Thanks, in advance...(2) questions here...
1- I've read all over the net where contract assignment isn't legal...some comments are general and some are state specific. I've not seen anywhere that the SC Title Code(s) prohibit it. That being said, for you SC Wholesalers out there, asking what would seem an obvious answered question, have you had any issues w/ it being contested, questioned or otherwise by an attorney or title company? Is wholesaling in SC pretty standard or do you have to have that "one attorney" that kinda works in the "gray" area of the law...(which I'm not interested in)
2- I've read else where that selling a home w/in 90 days causes problems w/ HUD / FHA in terms of the type of financing/mortgage a prospective buyer can get. So, as a "house flipper" who has acquired my assigned contract run into trouble moving his/her rehabbed home to buyers b/c of this 90 rule? Most loans are FHA now, so I would think that if Jim and Jane want to buy this newly rehabbed house from said "house flipper" they may have trouble getting a loan w/ their bank b/c of the 90 day rules...Why do I care...? I don't directly b/c I'm just wholesaling it, but it would seem that it may limit the scope of investors I can seek if they have to sit on a property for 3-4 months to sell it...Maybe I'm missing something....or reading old legislation...