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Author Topic: Are REO properties possible to wholesale?  (Read 1868 times)

Offline bluenyella8

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Are REO properties possible to wholesale?
« on: May 30, 2007, 04:22:59 pm »
Could any of you experienced wholesalers give me the unbridled truth about what types of properties can or can't be wholesaled? Is it more a question of the particular deal and the numbers involved or are some types simply not doable? : :anon

Offline LoriK

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Re: Are REO properties possible to wholesale?
« Reply #1 on: May 30, 2007, 05:09:05 pm »
Read the article on this website - it's quite informative

http://www.reiclub.com/articles/cant-wholesale-reo

Offline bluenyella8

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Re: Are REO properties possible to wholesale?
« Reply #2 on: May 30, 2007, 06:06:59 pm »
Thanks so much LoriK, that article was very informative.

Another question about wholesaling: I have been lead to this avenue due to it's lending itself to the person with little cash or credit. I don't understand how such an investor can get around having to verify their ability to take responsibility for such a large sum transaction (especially if the seller is a bank). I am sure I could attain a deeper hue of red than what was described in that article if I were to be put on the stand about my credit or financial position, yet I have been told time and again that it can be done.
My confidence wavers on this point. A hundred vats of gratitude to anyone that can put my mind to rest on this point. (I do already have a 'pre-approval letter' from a HML but have been told it isn't worth the paper it's written on)

Offline Brandon Lambert

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    • The Hidden Treasures and Profits of Probate
Re: Are REO properties possible to wholesale?
« Reply #3 on: May 30, 2007, 10:26:53 pm »
Don't know who told you that a pre approval letter from an HML is no good, but I have used it as proof of funds many times when making an offer on REO's.  When you are dealing with a motivated seller (not a bank), they never ask for proof of funds.
Eliminate your competition!!
www.probaterealestatedeals.com

Offline bluenyella8

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Re: Are REO properties possible to wholesale?
« Reply #4 on: May 31, 2007, 01:04:01 pm »
Thank you for that. What about banks? :rolleyes

Offline QBS

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Re: Are REO properties possible to wholesale?
« Reply #5 on: May 31, 2007, 02:44:20 pm »
Don't know who told you that a pre approval letter from an HML is no good, but I have used it as proof of funds many times when making an offer on REO's.  When you are dealing with a motivated seller (not a bank), they never ask for proof of funds.

Brandon I am VERY CONFUSED About that!!!!


I've been speaking to HML's and they are all saying that with my LOW credit score and NO money that I won't be able to do ANYTHING!!

I just spoke with a HML that said NO LENDER not even a HML will work with me since I dont have at least 30% down.

Like I said I plan on WHOLESAILING these Bank REO's I can't even make an offer because, I need Pre-Approval letter from a Lender and Proof Of Funds.

Is there a secret code so these lenders will understand what I need or should I just tell them that I reallly won't be using their money unless I can't find a buyer and want to do this myself(Which I doubt since I dont ant to rehab at this time)


 




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