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Updated over 8 years ago on . Most recent reply

Kim Handelman's profile image
Kim Handelman's profile image
Kim Handelman
  • Real Estate Agent
  • from Guilford, CT
  • Member since Feb 11, 2014
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Kim Handelman's profile image
Kim Handelman's profile image
Kim Handelman
  • Real Estate Agent
  • from Guilford, CT
  • Member since Feb 11, 2014
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Kim Handelman
  • Real Estate Agent
  • Guilford, CT
88
Votes |
193
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Wholesaling

HUD

Kim Handelman
  • Real Estate Agent
  • Guilford, CT
Posted

Hi All, I found a good wholesale deal but the statement says "Is subject to HUD guidelines 24 CFR 206.125". What does this mean? Is this a house that can be wholesaled to a flipper?

  • Kim Handelman
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    Wayne Brooks's profile image
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    Wayne Brooks
    • #1 Foreclosures Contributor
    • Real Estate Professional
    • from West Palm Beach, Florida
    • Member since Jul 27, 2012
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    Wayne Brooks's profile image
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    Wayne Brooks
    • #1 Foreclosures Contributor
    • Real Estate Professional
    • from West Palm Beach, Florida
    • Member since Jul 27, 2012
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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    Replied

    This is a REO that was a Reverse mortgage (HECM) and must be sold for at least 95% of the FHA appraisal. Therefore, not likely a good wholesale candidate.

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