OfflineI need help with back-to-back closing on HUD homes asap
i am tryin to use coastal-funding to do a back-to-back closing on a hud house but its just an idea. I want to put in into effect can anyone tell me the step by step process so i can start making some serious cash
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One of the crucial parts of back-to-backs (especially using flash funding through companies like Coastal) is to have an end buyer. Is that in place?
Have you already made an offer on the home? When you say asap, at what point are you in the process?
Hey, congrats on taking action! looking forward to hearing more.
Rina
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i wanted to get an understanding of the process before i made my first no end buyer but want i have 30 days to find a buyer after my offer is accepted
1st things 1st, you will need an end buyer lined up for a double closing. If you already have a property in mind, you should make an offer with your 30 day contingency in place. But if you do not have cash buyers line up already, then you will probably not want to go the double closing route anyway. You will want to start with some bird-dogging or an assignment.
If you do have cash buyers lined up and have a property in mind, make an offer. Lock up the property, get a non-disclosure contract signed and in place with your end-buyer investor and market the property to them. If they are interested, THEN start the double closing process.
It seems you may want to research a different route tho, atleast at this point in time. Double closings are very specific. If your end buyer isn't lined up to close the same day, transactional funding will not work. They will only wire the money for a 24 hour window, so everything must be lined up to flow smoothly. Unless you can show this is the case, Coastal will not provide the funding.
Sorry if this didn't answer your question, but I hope it helps. Good luck! Get out there make your offer!
-Mike Hutchins
Mike,
great points you made in this posting.
Rina,
as always you ask the right questions because you asked what I was thinking rigth out the gate!!
Jerry,
Both Rina and Mike gave great advice. You should listen to the conf. call Dean had with Jeff Jenson. That should answer any questions you might have. Best of luck on get some deals rocked out.
Earl in MI
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Earl in MI
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