hi i was wondering if the same principal as a simultaneous or double closing apply to an reo property basically can you wholesale an reo the same way thanks
I posted the following in another thread. Applies here too. Good luck.
In the REO homes i’ve purchased, it takes a few days to fund and officially close AFTER the closing takes place. You will probably not be able to do a same day close. For you to officially own it, the owners have to sign off on the deal. And they don’t sign until after you sign. All docs have to be mailed to them and then mailed back to the title company to record docs.
k i understand that but can you wholesae an reo i dont have the cash or credit to close and i just want to make some money with the abundance of inventory the banks have
You will have to purchase the home because most banks will not allow you to assign the contract. As long as you have an end buyer ready to close you should be able find a transactional lender to fund your first closing.