I don't really like to have significant funds not drawing interest in the hands of anyone even my best friend.Lawyers hate the paperwork for a 1031 exchange but they must be on board before the contract is let for the relinquished property so language is inserted notifyin g the buyer that there is a 1031 exchange involved.

I have a couple people who may be interested i got to re contact about the property again who may buy.I dont know how the paper work goes!!

They had already started their paperwork prior to the signing.So, since this date is no longer going to work, do we need to sign another contract--an extension?

Justin,We have had several buyers lenders want to see the paperwork.

If this is a one time deal and is a relatively small project than I would say go for it, it will also create less paper work for you at tax time just put it in with misc. labor.

Bring listing paperwork just in case.

This was a favorite tactic for one of my clients and he was using this almost on a weekly basis.The reason I think this is such a killer strategy over many others is that HUD homes can be tied up for $500-$1000 deposit depending on purchase price....But the part that makes me smile, is that UNLIKE many other homes that you will be putting under contract....HUD is NOT IN A RUSH to have them closed....Since HUD isn't in a rush to get them closed this gives you more of a chance to market for buyers which is especially important if you're one of those people who was foolish enough not to have your buyers list in place BEFORE you started trying to do deals....On the HUD deals I've done here in Michigan, HUD doesn't require you to close until 60 Days AFTER they have signed the contract...In most cases that means around 70 days (That's a heck of a lot of time for marketing a home).The other major benefit to doing HUD deals is that if you're a person who can't make it out to look at homes every day HUD homes UNLIKE most REO's are run in an auction style bidding format with bids due daily at midnite and weekend bids are do on Monday....Meaning you can have the entire weekend to go look at HUD homes, at your liesure.HUD Assignment ProceduresFind your buyers ==> Put home under contract using your name or your llc's name ==> Use a “Add a buyer for financing†form and add your buyer onto the contract with you (Get you're assignment fee when you do this) ==> Have your buyer bring money to closing and both of you will sign paper work like in a traditional closng ==> Once the closing is finished and the hud agent is gone, simply deed yourself off the property...Leaving your buyer as the sole owner.Looks like they called my name, I'll finish this up later on....With TON more killer tactics.Eric Medemar

A day or so before I tell the closing company I would like them to send the HUD and other paperwork to my title company as they will do a courtesy closing.

Seems like ALOT of paperwork and time?

for those of you doing short sales, how many sellers start out being very cooperative, then just up and quit you, and dont bother to complete the required paperwork?