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December 09, 2021, 12:34:26 am
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Author Topic: Foreclosures  (Read 1679 times)

Offline narmond

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Foreclosures
« on: April 12, 2005, 11:17:33 am »
When dealing with actual foreclosures are you able to assign a contract or do a wholesale transaction once you agree to purchase a property or must you have the monies upfront and purchase directly from the lender?

Offline missmbb

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Re:Foreclosures
« Reply #1 on: April 12, 2005, 08:03:26 pm »
If the property is owned by the lender (REO), they will require you to submit a pre-approval letter or proof of funds when you submit your offer.  The addendum they have you sign will probably include language that the contract may not be assigned.  That has been my experience, but maybe someone else here has had luck getting the bank to accept an assignment.

Offline 2waynew

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Re:Foreclosures
« Reply #2 on: April 13, 2005, 10:11:21 am »
You will need a pre-approval letter to submit offers, if you want them to get accepted. If you wish to assign the contracts, I have heard of people putting the offers in a corp name, then they just sell the corporation to another investor. This gets around the issue of non-assignable contracts. I haven't tried this myself, just read it in a book.

Offline narmond

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Re:Foreclosures
« Reply #3 on: April 13, 2005, 11:08:11 am »
Thank you for your input - greatly appreciate it.

Have a blessed day.

 




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