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Re: Flipping REOs
Re: Flipping REOs -- Neb Post Reply Top of Thread Forum

Posted by: Scott Rister
01/29/2003, 20:59:18

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Neb,

That's pretty standard that most banks want the final docs to go to attorney or closing agent of their choice. HOWEVER, that doesn't mean that you can't close on your side with your buyer and then courier the docs over to their side.

It gets a little more tricky on deals with banks but by no means impossible. Now, when you courier the docs over there and the closing docs have your wholesale buyer, Billy Buyer, on the papers and shows you getting a nice assignment fee then it can cause problems and has for me in the past. If any bank or any entity for that matter you perceive their being a problem with you showing up on HUD statement with a profit, then do a simultaneous close which gets around having to show your assignment fee on the closing docs.

Thanks,
Scott


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