All Forum Posts by: Christopher Vargas

@Greg H. So you're saying that even if the home was purchased from HUD as an O/O, this will not affect me if I were to purchase this same property at a double closing at all?

I recently found a HUD home withing my price range, unfortunately that home had a higher bid which was accepted. I dont remember if this was still within the exclusive owner occupant period or not. But, now a week later, this home has popped back up on Zillow.com, not HudHomeStore, as an (Undisclosed Address) 'For Sale' for more than $5k more than the original HUD listing. After finding the original post on Zillow, it states that the home was sold, in clear letters. I called the listing agent on Zillow, and he says that this is now a HUD auction and that the price I see is the starting bid. I called the Century 21 to confirm the agents employment, and they verified him for me. Although the price is still very attractive, my intuition is telling me that there are some red flags to be concerned about.

1. Will HUD allow a wholesaler to assign a contract?

2. Will HUD allow a double closing?

3. If this was purchased in the owner occupant period by an investor, how will that affect me if I purchase the same house second-hand?

4. If this has gone back to HUD as an auction, will it repopulate on the HudHomeStore?

If this is a legitimate deal, I will JUMP ALL OVER IT!!! Any and all help is greatly appreciated. Thanks in advance.

@Charlie Fitzgerald. If I were to find a deal on auction.com, how would you feel about the risky deed/title situations that pop up from time to time? Is there anything you and your company do to hedge against this specific type of risk because I am sure you dont want your clients to be bidding on second mortgages and such.

@William Allen. As Wayne Brooks mentioned, was your house purchased during the initial 'owner occupant only' period? And typically how long does this period last?

Ok, so 90 day wait to profit @ 20% or higher. Does purchasing a Fannie Mae Homepath property also bind you from renting said property out for those same 90 days?

What regulations apply to Fannie Mae Homepath properties when buying with cash?

I knew it was a lomg shot to ask with no equity, but is there anything that can be done to help them out and possibly turn a small profit?

Hi Erin, just read this thread today. Any update on the court proceedings and outcome of the house? Are the 'good ol' boys' still at large?

I know an older couple in a 55+ gated community. They are under water on their home and are currently make payments of $1900/mo to keep the mortgage on their home. They informed me that they will be doing a short sale in the near future.

The home is worth $270k and they owe just about the same.

Any advice on how can I capitalize as a new wholesaler? Or should I wait to make an offer during the short sale period?

Hey Israel, I live in Orlando but I work in Clermont @ PNC Bank. I too am looking for likeminded investors to hopefully partner with in the near future.