If looking at properties on the mls, hud, and even reos what are some ways to gain control of the property so that you can wholesale it out to your buyers list? Or do you all generally stay away from these type of deals? What im looking for is the process you take working with these properties.
Thanks!
Again, from the previous post. What do you mean by gain control? when wholesaling you place it under contract and you assign the contract. You do not gain control, you simply get right to show it to others if the contract has that stipulation in it.
I believe you have false understanding of how wholesaling works and unless we can clarify that part, no one can really give you the answer you are looking for.
Fadi im sorry that im not putting this in the right wording, but this is what I need to know
Is it possible to wholesale reos, hud, and houses listed on the mls?
If so how can you get the rights to show the property to your buyers list?
Im hope this is more clear
Typically you “gain control” of a property by putting the home under contract with an escape clause. Yhen you get your buyers through the property after you are sure that you have the home under contract, if they like the home then you sell them the contract for more than what you are paying, or you use a back to back closing and sell them the home yourself. You can do this with MLS homes, and REO’s and HUD’s I have done all of the above without any issues, its a walk in the park
This is tricky since the agents will let you in so many times before they get suspecious and/or stop responding to you. You need to only show it to the serious investors who will actually buy if they verify your estimates are correct. For example, if the house is worth 100k and needs 10k in repairs, then your potential buyer needs to be solid enough to actually buy if these two numbers are verified.
From that point, you can tell the agent that you have couple of partners that may need to look at the property and/or your contractors needs to look at it.
This is my experience only. For the types that you mentioned a double close would work best but I would only do that with buyers that I absolutely trusted.
For HUD and REO’s your earnest money will be on the line. For other listed properties you might get away with an escape clause but if you don’t come through it does hurt your reputation on future deals.
If you have an agent that you work with consistently and knows your business getting in to show the homes should be no problem.
if u plan on fliping any bank owned u need to go in thte deal as a land trust