'FLIPPING' tips & legality........ - Posted by Pam

Posted by keith hutson on November 09, 2003 at 18:39:17:

is it not more appropriate to call this process “assignment of contract” instead of flipping. The term flipping has been attributed to unlawful practices of which is not a part of assigning of contract. Is this correct?
K Hutson

‘FLIPPING’ tips & legality… - Posted by Pam

Posted by Pam on November 08, 2003 at 08:53:51:

Please, what specifically do you need to do when flipping to be LEGAL, (forms, agreements etc?) How do you go about preparing a list of possible buyers? Best method for that? Details please?

Re: ‘FLIPPING’ tips & legality… - Posted by Kristine-CA

Posted by Kristine-CA on November 08, 2003 at 11:07:36:

Pam: In general you will get better responses if you ask short, specific questions after you done some of your own reading/research.

You can read all about flipping in the archives. There are plenty of posts about the legality of flipping and well as information about assigning and double closing, find motivated sellers and finding buyers. There are also some good books to read. After you’ve done the reading, then post your specific questions here.

Happy reading. Sincerely, Kristine

Re: ‘FLIPPING’ tips & legality… - Posted by Randy (SD)

Posted by Randy (SD) on November 08, 2003 at 09:27:07:

A contract to purchase and a contract to sell.

Not to over simplify your question, you do not need any ?special contracts, forms or agreements?. There is nothing illegal about selling a property you have recently purchased (or contracted to purchase) for a higher price. The term ?flipping? has been given a great deal of attention lately as some individuals in the real estate industry have been accused of ?flipping? when in fact they committed illegal loan fraud.