Dallas-Fort Worth Real Estate Investor Club

Closing on HUD deal Oct.8th - have C buyer and contract, but his mortgage co. will not do a transactional. My lender is only 1 day transactional. Can pay small percentage rate for one week turnaround on a total closing of $115,600. Any ideas?

So... if I have this right, your C buyer's mortgage company will not allow a double closing with transactional funding because they see that you're not the owner of the property you plan to sell your C buyer, and it will take them about a week to do their due diligence after you buy it to see that you actually now (then) own the property.  Why not just borrow hard money?  I know plenty of people who would be happy to loan for a week versus a day.  If you'd like to discuss this further, please feel free to give me a call at 817-300-1132.

Thanks, Robin