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Updated over 9 years ago, 06/17/2015

User Stats

34
Posts
5
Votes
Ed Kahle
  • Investor
  • Monroe, NC
5
Votes |
34
Posts

flipping to buyers with FHA loans strategy

Ed Kahle
  • Investor
  • Monroe, NC
Posted

Have a property under contract to flip. Got an bank approved buyer with conventional fixed rate financing. FHA seasoning requires the deed of record to be in the sellers name for 6 months. This is a probate property I put under contract to wholesale. Then heirs have just cleared the seasoning time frame.

Question:

My buyer can purchase directly from the heirs but not me because the deed is not in my name.  The bank will not do a flip by a double close.   Can I sell my contract to my buyer and let him close with the heirs without me being involved at all in the closing?  My buyer has enough cash t do this.