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Updated over 13 years ago on . Most recent reply

User Stats

15
Posts
4
Votes
Kathy Braschler
  • Duplex Investor
  • Littleton, CO
4
Votes |
15
Posts

How do you flip wholesale deal when bank says "no resale before 90 days"?

Kathy Braschler
  • Duplex Investor
  • Littleton, CO
Posted

In a wholesale deal how does one get around the HAFA guideline that states "the buyer agrees not to resell the property before 90 days" (especially when you intend to use hard money)? Is this condition ever negotiable? :roll:

Most Popular Reply

User Stats

95
Posts
18
Votes
Mike Morrison
  • Contractor
  • Woodlands, TX
18
Votes |
95
Posts
Mike Morrison
  • Contractor
  • Woodlands, TX
Replied

Kathy, quit trying to find a "work around". These folks are serious as a heart attack. If the bank even suspects a work around guess who gets a copy of the paper work? FBI & DOJ. They are after the low hanging fruit.
Read the foreclosure & SS addendum's very carefully. Some banks/lenders have a resale time limit others restrict "profit" from a flip. Take it from me, they won't negotiate away these restrictions. What they are doing is transfering criminal penalty risk exposure to YOU.

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