Alright so attempted to get an REO under contract today but the banks don’t like assignments SO do I need to do a double closing? If so… do I have to use my own funds? How does this work? Pretty disappointed when i found this out. Any help would be greatly appreciated
Yes you will have to use your money or transactional funding. Make sure the bank your attempting to buy from doesn’t require a deed restriction. If so walk or tell them to drop the deed restriction or you will walk.
There is another way to do assignments and the seller doesn’t have to know. You still have to put up your own money at first (the EMD – usually 3% unless otherwise stated in the contract) but you can leave the money in escrow and have the new buyer absorb that in your fee so you don’t have to pull the money out and alert escrow who will then alert the seller.
Let me know if you are interested in this other way.