Sue is right, you cannot assign a contract when you’re buying from HUD. And doing a double closing, don’t forget you will have twice the closing costs, so you will either need to negotiate this away, or it will eat up a good hunk of your profit. Start planning a good exit plan now. If the property is in a good neighborhood, lease/option it and find a private lender to finance you.
Well HUD finally accepted by bid and now I am buying a nice home. I won’t make a big profit but I want to list it asap.
I have until the end of July to close.
Has anyone ever done a back to back close? You know where I sell it while the contract is under my name, I don’t actually own it but do own an interest in it. This is why I want to assign it. If I can sell it or assign my contract to the new buyer before I close I could make $10,000, If not I lose money every month until it is either sold or rented.
HUD won’t close with anyone but you, is my understanding, so you can’t assign, you have to double close, buy from HUD and then sell immediately at same table to your buyer. Ask title company handling the HUD closing (HUD specifies who you will be using) if they will handle the second closing too, but good luck on that one.