It was the title companies requirement. I tried to set up a simultaneous close and they would not go for that. Then I tried a double, and they said I would have to wait one week between closings. I think it depends on the settlement officer, and how much you PO them with numerous calls, requests, etc. They did let me transfer some items such as survey, some title work, and termite inspection. My buyer and I split all those costs.
I used HUD’s designated closing agent, which saves money, but next time I will find an investor friendly title agency and try a simultaneous or double close.
Assignment of Contract Question - Posted by Charlie (TX)
Posted by Charlie (TX) on June 25, 2002 at 17:06:25:
An investor I just met is closing on a HUD foreclosure house
(well below market value). I asked him to assign the contract to me. He agreed.
The question: Can I then assign the contract to someone else?
Thanks,
Charlie
I spoke with HUD title company yesterday… - Posted by Barry (FL)
Posted by Barry (FL) on June 25, 2002 at 21:36:47:
The one that handles properties in the county north of mine will do a simutaneous close as long as everything is disclosed.
The one that handles properties in my county you can use an investor friendly title company. They just send them the paperwork.
I can almost guarantee that the investor will not be able to assign his contract to you, let alone you then assign it to someone else. I just flipped a HUD property last month and had to close, wait one week, and then resell to my buyer.
be very careful when dealing with HUD. their contracts may not be asssignable. they have very strict rules to be followed to the letter. before you actually do any assignments make sure you consult an attorney.
if your cnotracts are assignable and you make yuor assignment agreement assignable then the answer to that question is yes, it is assignable again to an end buyer or other investor.