Can you Wholesale Reos with a Finance Contingencies or does it have to be cash?

Bird Dogs, Wholesaling
1

this is how my offers look now on a rpa for cash but id like have an option for finance and does that mean i am off the hook for pof?

CASH, PRIVATE MONEY/NO LOAN CONTINGENCIES / NO APPRAISAL CONTINGENCIES
/ NO SELLER CONCESSIONS / NO REPAIR CREDITS / NO CLOSING COSTS / AS IS

2

If you want to use a financing contingency, you will need a pre-approval letter from your lender.

If you are making a cash offer, you will need proof of funds.

Steph

3

Your still going to need a proof of funds letter…If you can’t get one i have had clients get away with a preapproval letter…Much easier to get.

4

Are you looking for deals???

why are you buying REO’s???

If you intend to make offeres that way… give them a bank statment with enough money on it to close the sale and make the offer with a back door clause just in case…

Pretty simple!!!

5

Does anyone know if it is possible to get an assignable contract on an REO property? Please excuse me if this topic has already been discussed- I am new to this board.

6

99% of all REO contracts are non-assignable.

Steph

7

Thanks

8

Any tips on where to find the 1% of the lenders that will give an assignable contract on REO’s?

9

You can still wholesale the non-assignable REOs by doing a double or simultaneous close.

Check your private messages.

Steph

10

Thanks Steph,

Do you know if it’s also possible to get around the non-assignability clause by making an offer to the lender through an LLC and then sell the LLC which holds the contract to purchase the house to the investor?

I read this on one of the sites.

11

I’ve never done it that way, but know of people who do.

Steph

12

Tell me more Steph… what ideas do you have… in getting these REO’s…