Hud flips - Posted by BipinPatel

import · December 12, 2001, 12:48pm

Posted by Bipin Patel on December 12, 2001 at 22:16:53:

Tim,
thanks for your input.
Bipin

import · December 12, 2001, 12:48pm

Posted by BipinPatel on December 12, 2001 at 13:48:55:

Hi,Friends.
Do you think I can buy Hud houses subject to and flip to rehabours?Same thing can be done with VA houses?Any seasoning issue there?
Thanks.All have good christmas and happy holidays.
Bipin

import · December 12, 2001, 9:57pm

Re: Hud flips - Posted by Dave T

Posted by Dave T on December 12, 2001 at 22:57:19:

Since HUD and VA foreclosure properties are free and clear, there is no existing loan to take “subject to”. Unless you are paying all cash out of pocket, you must come to the settlement table with your own financing to complete the purchase.

The last time I checked, simultaneous closings were possible with HUD, but there usually isn’t enough equity in a HUD property to make a wholesale flip profitable.

import · December 12, 2001, 1:35pm

Re: Hud flips - Posted by Tim (Atlanta)

Posted by Tim (Atlanta) on December 12, 2001 at 14:35:23:

I don’t know about your area of the country, but you can’t do that here. HUD requires that you purchase the property. You can’t take over the financing and buy it subject to. As for flipping to rehabbers, you can do that, but you would have to buy the house and close before you sell to the rehabber. Now a double closing would work for this if you could find an interested rehabber. Most rehabbers I know would have bought the house off of the list before you had a chance. It could work, but I would not think it would be a consistent source of quick money. Plus in my area, the HUD list is a great big DUD list. Not many bargains to be had on the HUD list.

import · December 13, 2001, 9:25pm

Re: Hud flips - Posted by Bipin Patel

Posted by Bipin Patel on December 13, 2001 at 22:25:22:

Dave T
Thanks for your input.It clears confusions of newbies.
Bipin