Double close is the best way to handle an REO flip. Since the bank chooses the title company and often times, they own it, that title company will not do a double close for you.
Thanks yall for the advice, you prevented several problems.
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As for the 90 day rule being lifted, I do agree with Ron that we should not be jumping for joy or Air Max Sneakers 2014 Men
This is one of many reasons why paying all cash and having an all cash buyer are necessary so you can close with the bank then close shortly after with your own title company and your own cash buyer. Or you can offer the bank all cash, offer to pay all clsoing costs, and thus choose your own title company, but some banks still will not go for it. (Banks are wierd that way, go figure!)
One caution . since you aren adding value in a double close make sure your re sale price is less than 20% more than your purchase price.
sell if you buy in an LLC.
Double close is the best way to handle an REO flip. The seller will not allow assignments, and some will refuse to Nike Air Max Yellow
We all need to develop, create, and or learn alternative strategies to get things accomplished (legally of course).
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If you do use transactional funding for double closings, I highly recommend you have your end buyers use conventional loans through a loan broker you have lined up ahead of time who is comfortable with your back to back closing scenario or all cash buyers. Trying to do so with FHA buyers will lead to problems you don want to have.
Originally posted by nationwidepi:The thing everyone needs to understand here is that banks, the government, both Federal and state, along with other agencies,have made investor flipping much more difficult these days than just last year.
day seasoning rule . recall it was the govt. who came up with this rule in the 1st place !
thanking them, it was the morons in office that made the rule in the first place and the same or a different set of morons who placed all the stupid restrictions that are currently in place. It is all an effort to hinder the profitability of investors and stop free enterprise, which goes directly against what our country stands for. (Not meant to take this politically so lets not go there in this thread please)
And yes, funding for double closes on REO, short sale or other sources is available. We one of those lenders. Before you congratulate the government for temporarily doing away with the dumb 90 Nike Air Max Red And Blue
Just an update . FHA took away the 90 day seasoning requirement on 2/1/2010 for 1 year, you can even sell to an FHA buyer.
Your problem is the back end. I think you mean the buyer is getting FHA financing. No chance of closing this with a double close. FHA requires a 90 day seasoning. The seller must own the property at least 90 days. Getting around this has been asked a few times recently, but I haven seen any scheme to accomplish this.
Double Close on REO
I second that. Most of the people that I have been in contact with Nike Air Max High Ankle Shoes are first time home buyers. This is the first one to go thru the whole process with me. Im glad she isn high strung cause that would have been more than an oversight.
Doing double closings will be very difficult with FHA buyers regardless of the 90 day rule lifting as they rarely close in time and many will not process until the seller is actually on title.
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