The immediate thought I have is the antiflipping regs in place at banks where you might be getting a loan. The regs loosened significantly, and I haven't heard of any recent issues... but I am not sure that this will meet the test. So, talk to your lender. Many loans - especially the first time home buyer ones - will not allow a sale unless the property was owned by the seller for at least 90 days.

I hope you have a real estate agent involved? You'll want to make sure someone is writing/reviewing the contract for you - either an attorney or an agent, but preferably both. Here's why: an attorney can advise you of the legal pitfalls... but an agent will know the issues you might face in practice, because ALL we do is manage real estate contracts, and tie that together with loan requirements, title issues, people's lives... etc. While from a legal standpoint you may have options, in reality, it may not feel like options...

If you don't have an agent, feel free to call me.

The previous poster does have a point - but it doesn't impact your situation, it is just a point about how we tax payers are getting jilted time and time again with bad decisions by banks. I have a great Tshirt, it says "I bailed out Wall Street and all I got was this lousy Tshirt" It's my favorite shirt.

In any case, I don't always check back to read the threads on questions after I've added my 2 cents, but you are welcome to email or call me directly if you have any concerns. I am right in Leesburg, so I know the area well.

Best!

Thanks Vicky!! Sure I will contact them. Like I said earlier this is a double closings and I was thinking instead of using Title company I will use the services of Attorney. Since you have been in this profession for 2 decades, do you forsee any risk with this transaction. I am a first time home buyer , do not know much about it.Thoughts?

any closing attorney should be able to handle the job,

my question is, why are you buying a flip like this??

Please give the name of the bank, after banks accepted billions in tarp money, why is the bank selling REO property for less that what you are willing to pay for it?

What is the name of the bank?

Call King and Nordlinger - they have several attorneys and they will connect you with the right one. There are some "heavy hitters" in Loudoun like Tom Plafchan and Joe Ritenour, but they are probably more than you need... and their is a significant price difference, too. K & N contact info can be found on my web site....just lick on attorneys. Joe Cooleen (one of the partners) and I started doing business almost 20 years ago. Man, i am old.