This would be my first deal and although I am excited, I am also terrified!! I found a great REO deal and submitted an offer that got accepted!! Property was $84K and my offer was $69K. I also found an end buyer who would purchase for $96K. the buyer is qualified for FHA and the loan has a 90 day seasoning. I wanted to do a back to back but can’t now because of this!!! Please anyone!!Should I walk away from this…What can I do? I am also a Realtor!!
Just to add to this. The home is worth well over $115K. Its almost an half of acre!!
If you’re planning on wholesaling it, you will need to find a cash or hard money buyer to sell to. FHA is not going to fly because of the 90 day seasoning requirement.
I’d start marketing the crap out of it to see if you can come up with another buyer.
Good luck,
Steph :cool
Thanks alot!!
Maybe I should’nt ask this but why are you investing in REO’s?
Realistically, you’re almost always going to need a cash buyer to wholesale to. Especially with Lenders tightening the purse strings…
Another option is to get hard money or private money to fund you for the 90 days. If you know your buyer is qualified let them move in on a short term lease/option or land contract. Then sell after its seasoned. I’d only do this if I was 100% certain my buyer would close in 90 days.
Thankx you’all for all the advice…