I am looking into buying a REO home to wholesale and I am a little confused on how to do this becuase I have never done one before. In regards to making an offer and having a way out, if by some chance I can not sell it, how do I do that? Some people have told me when making an offer to a bank they want it to be as clean of an offer as possible. Others have told me to add a clause. I would like to have a “weasel clause” or contingincy to get out of the deal if I can not unload it. What would you guys recommend I do in this situation. And thanks in advance for the help.
Its of most importance that you have buyers lined up. Then get the property under contract with an inspection clause. Herbster
Herbster is dead nuts on…
Most weasel clauses are just that “Weasel Clauses”
However an inspection clause isn’t really a weasel clause at all and they are widely excepted even on most REO’s so you shouldn’t have any trouble getting it by the bank. The only time that an issue can arise is if there is a multiple offer situation on a hot property in that case the investor with the least clauses can often beat an investor with a higher offer.
Thank you very much for you help.