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Updated over 16 years ago on . Most recent reply

User Stats

47
Posts
2
Votes
William MacBride
  • Handyman
  • NY
2
Votes |
47
Posts

Can anyone clarify this paragraph?

William MacBride
  • Handyman
  • NY
Posted

this paragraph is from an online article on wholesaling on ehow.com (which I find a very good, distilled kind of info resource by the way.)
"One of my investors wants the deal for $200,000 so I execute my option, then I assign my contract to the end investor placing myself on the HUD as a Realtor getting paid $7,500 with the remainder going to my Property Locator for his option fee. If your not a licensed agent, you go on the HUD as receiving an assignment fee."
The part that confuses me is the "go on the HUD" and "placing myself on the HUD" business. This is probably some really basic thing but what is the department of housing and urban developement doing in this paragraph? Does every real estate deal get "registered" with the HUD or something, as to the type of transaction it is and who the principal interested parties are and all that?

Will

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