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Foreclosure in Ozark : Real Estate Advice

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Sun Jun 27, 2010
Ed Westerman answered:
The deposit the day of the sale is ten percent of the bid price. It must be in certified funds by close of business the day of the sale. You then have thirty days till closing. Lina is correct that you do not get a warranty deed. The property will be clear of all incumberances except some mechanics leins, and IRS leins. A title search and title insurance is a must. If you do not close, you lose the deposit.
FHA is currently the only institution with a flip restriction. (for financing) The government is supposed to be correcting that? This can be overcome by a lease/purchase or lease/option and closing after 90 days. Or the buyer can finance with Rural Development in most of Christian County with no restrictions. RD and VA are still 100% financing. Most, if not all closing costs can be wrapped in the loan. You could sell conventional and carry a second for the down payment and get enough on the first to pay off your expense. Then put in a three or five year balloon payment for your profit. The buyer would be allowed to refinance anytime after a year or when their loan had no prepayment penalty. This generates income and future principal payments to use for re-investment.
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