Can you do an assignment of contract from bank owned properties?
For example: IF I was to buy a bank owned property and put and/or assigns on the contract and they accept the offer, will I be able to assign the contract? The reason for the question is because I keep seeing on the boards that assigning from an REO is illegal or things to that nature, any suggestions would be greatly appreciated, thanks
You can put “and/or assigns” on your contract, but all the bank owned properties I’ve ever made an offer on, force you to use their contracts which are not assignable. That’s why everyone talks about it being illegal. The banks don’t want you to assign their deals.
I agree double close is really the only way to go. I’d talk with some other investors at investor community clubs to see who they use. Just make sure to negotiate accordingly for the added closing costs.