Has anyone on here ever done and assignment on a HUD REO? If so, what is the process? In my local area there is only one title company that handles HUD REO’s and they don’t do the actuall money transfer. I originally wanted to do a double close using flash funding, but may not be possible. If someone could share there knowledge on this subject I would appreciate it. Thanks in advance.
You cannot do an assignment with a HUD property. The only way it will happen is to find private money for one day. You have to do back to back closings.
Hud is not the exact same as an REO. Regarding assignments, actually I do believe you can assign a hud home. I have never done it with hud, but I do believe based on others I have spoken with before that you can assign a hud home.
Ask Tampa Steph and see what she says. Or Eric Medemar
I believe you may be saying that there is only one company that lists HUD properties. You shouldn’t have a problem choosing any closing agent to do a closing on a Hud.
If the attorney office wont do a double closing then find one that will. Set it up to where the closing in the bank is handled at the banks closing agent and the closing with the end buyer is handled at the closing agent of your choice.
HUD will want to see that the name on the Deed matches that on the Purchase agreement.
One work around is buying in the name of an LLC or a Trust. Then once you find your wholesale buyer, whip up a new Trust Agreement or LLC Operating agreement showing that your buyer has an interest in the entity. You can either put the name of the Entity on the Deed or the Buyers name. Of course, if the buyer is getting financed, they’ll certainly have to have their real name on the deed, not an Entity.
Easiest way, though, is to buy with private funds (cash) then sell to your buyer.