All Forum Posts by: Terri D.

Two questions: First question - How long does it take to close on a multi-family property, and second question - when working as a buyer representative on real estate deals, and your buyer is actually a real estate company that may have buyers seeking properties, who pays the buyer representative fees, when buyer is also working in the same compacity (real estate company)? Should buyer pay my fee or should fee be splitted with 1/2 point from seller representative and 1/2 point from buyer end representative. Hope this last question is not too confusing. Thanks

a little over 10k

Okay, I'm using my title company, which they do double close, but not on HUD, the waiting period is 24 hours after the A/B part is complete, and the B/C can take place with title being transferred to end buyer. Contract does say 30-45 days, and I have contacted my agent regarding the extension. I only need until July 8 to extend this, I wonder is it worth trying to get an extension on this property or just lose the EMD and whatever expenses that may be waiting for me.

John A.Thanks John. So many people are telling me that I can not use end buyer funds to close A/B part of deal - and I have to wait 24 hours after closing with HUD to resell property to end buyer. I want to say "I'm so confused" but I'm using this as a learning experience. I just found out my end buyer can't close until July 8th, and I'm scheduled to close with HUD on June 27th. You stated that if I get an extension after the due or cut off date, that it will cost me money. How much because I stand a chance to lose my deposit unless I bring in a transactional funding lender to fund A/B. @!#$%

Thanks Ronnie, any recommendation on Transactional funding referrals that work in such a small time frame notification? Thanks

I'm scheduled to close on my first HUD property this week, and I have a potential buyer for my property. I'm wondering the following:

1) Can my end buyer funds be used to close on A&B part also;
2) Since HUD property can not be assigned, and double closing is necessary is there a time period before re-sell to end buyer.
3) The electric is off at property, so is it necessary to have electric turned on for end buyer to have their inspection, or should I stipulate that property is sold as is and property electric will not be turned on for this inspection, but only when the property is sold to buyer (end buyer made offer before inspection of property)
4) Any feedback would be helpful. I'm just trying to get this to the closing table and put behind me. Thanks

I have a HUD property that I will close on Monday, but I do not have an end buyer for this property. I've taken every step in selling this property - advertisement, post, price reduction, you name it, I've done it. What is the best option for me to get rid of this property, like now. The price is so right (58,500) and ARV is around 138K with 10-15 estimated repairs needed. Received a lot of rent to own, low ballers but I can't afford to go that route because of funds. Help someone.

I have a GREAT Investment deal in Emporia, VA and I'm getting hits but no takers!! Who wouldn't want to buy two houses for the price of ONE???? The marketing is in tune, but I just don't know.

Before contracting a property in Maryland, I need to make sure that the contract can actually be assigned to an end buyer. Does anyone have any dealings with tranactions of this type in Maryland regarding assigning contracts? If so, can you provide a short scenario via email to me please. Thanks

Thanks David