Can HUD homes be wholesaled using a simo-closing and with a cash buyer. Thanks in advance for your responses....
You wouldn't be able to simultaneous close a HUD house. The title company for HUDs in the Detroit area (which you would use if you were to buy locally), is Custom Closing, LLC. They only deal with HUD properties.
You'd have to buy it in your name, then immediately resell it as a seperate closing, using a different title company...or not even use a title company.
Mark:
That's exactly what i was thinking in regards to double closing by using two different title companies. When you say buy it in my name, would I be able to use my companies name instead?
Also, if I read correctly, are you saying use Custom Closing for my second closing?
Mark:
That's exactly what i was thinking in regards to double closing by using two different title companies. When you say buy it in my name, would I be able to use my companies name instead?
Also, if I read correctly, are you saying use Custom Closing for my second closing?
Yes, you can use your company name to buy and resell HUD houses. You just have to ensure that the entity which will hold title to the property is the one which submitted the bid. So, if you submit the bid in your personal name, and it's accepted, you can't then make the buyer's name to be your company. They won't allow it since they consider it an assignment.
You'd have to use Custom Closing for the HUD purchase. You can use whoever you want for the B-C closing.