questions on wholesaling a HUD foreclosure

Wholesaling Is most likely the same as Assignments which means most banks do not allow it You can not Wholesale/Assign REO's , Foreclosures,& Shortsale's unless the Bank allows it .

You can however do A double closing if Allowed & Resell it this way The Bank will think you're selling the Home , But please check with your Agent on If the Bank will allow A Double closing cause I had A home that I was going to have to hold for 60 Days & I wasn't able to do A Double Closing due to the Bank not Allowing it .

My great advice is Ask about things it's the only way you'll Learn to do deal's is to learn by asking & reading Deans Books .

And when you're "asking" a banker etc. for advice, be sure to take advantage of this opportunity to build rapport and get to know each other. It will prove to be helpful in future deals. Semper Fi. D-LO

I never thought to ask a banker about double closings, only a title company. Thanks for the info.

Annette

Candace is right, you cannot assign (wholesale) HUD properties;
you can go to HUD website (link below) and find the property you're looking at; click on it, and look at the property details; see if it's listed as exclusive (for homeowners to purchase) or extended (investors can purchase) then go to the 'addendum' where you can see all the information available on the property, also go to 'agent info', there you will see the contact info for the asset manager-you can contact that person and ask what the terms and conditions of the purchase are.

http://hudhomestore.com/HudHome/Index.aspx

Learning and progressing every day,
Valerie