Ways to Flip around Bank rules?

[threej]

I have a property under contract (bank owned) that I would like flip. I have flipped before using a double close, but this bank has an addendum that must be signed that states that you cannot change the title on the deed for 30 days after closing.  The bank does not allow any additional names to be added to the purhcase contract either. (purchase contract in individual's name not LLC or land trust)


I do not have enough cash to purchase the property and wait 30 days, or purchase and fix and flip.  I was hoping someone out there might have an idea of how to get around this?

Thanks! 

[kpetric419]

The bank’s title company is in charge of doing all of the title work and preparing all of the closing documents. Once all of this is ready, and the deal is ready to close, I let the bank’s title company (or the listing agent if I am not in contact with the title company) know that I will be signing all of the documents at my attorney’s office/title company. I then request for them to email the closing documents and wiring instructions to my title company. I tell them that my title company will do a “courtesy closing” for them, which means that they will get all of the closing documents signed and collect the funds for the purchase. Once everything is signed and funded, my title company FedExes the documents back to the bank’s title company and wires them the funds from the sale. (from Tampa Steph) she makes her living flipping REO's check out her sight flipthiswholesaler.com

[DemosL]

The bank’s title company is in charge of doing all of the title work and preparing all of the closing documents. Once all of this is ready, and the deal is ready to close, I let the bank’s title company (or the listing agent if I am not in contact with the title company) know that I will be signing all of the documents at my attorney’s office/title company. I then request for them to email the closing documents and wiring instructions to my title company. I tell them that my title company will do a “courtesy closing” for them, which means that they will get all of the closing documents signed and collect the funds for the purchase. Once everything is signed and funded, my title company FedExes the documents back to the bank’s title company and wires them the funds from the sale. (from Tampa Steph) she makes her living flipping REO's check out her sight flipthiswholesaler.com

I thought everything you said looked familiar and then I saw Tampa Steph and realized you probably just copied one of her posts. You didn't read threej's post very well. The bank won't allow him to change the title on the deed for 30 days, which will probably screw up any plans for the double close that you described.

[tatertot]

If you already have a buyer lined up and under contract, you should be able to find short term money pretty easily. Just close your escrow with hard money or private investor money, and place your end buyer into a 30 day escrow.

If you are going to have problems dealing with that bank, maybe you should find different banks to do business with in the future. Really, the banks aren't geared towards a bunch of small deals, so they have their procedures in place and they can be pretty intractible. Find a bank that has procedures more suitable to what you want to do. You can expect to work hard to make money in real estate, but beating your head against a brick wall is a waste of your energy.