Does anybody know how I would get REO homes under contract and then flip them? Would I need to use the same purchase agreements and assignment agreements as the ones used when wholesaling property owned by private sellers?
If I am not mistaken you can not use your own contracts when placing an offer on REO’s.
You must contact an agent and use their contracts.
Hope this helps.
Oh well. Thanks.
You can use your own contract, if you are representing yourself as the Buyer (no Agent.) However banks usually have their own addendum and disclosures for you to sign, to be added to the contract.
A suggestion: since you have no agent and the bank is paying a commission anyways, let the other agent (the listing agent) do all the work and get both sides of the commission. This is a way to establish a business relationship with this agent, which might be beneficial in the future (he/she will “hint” you about upcoming REO deals, even before they hit the market, since they are getting both sides of the commission.)
So true, I spoke with a realtor from Keller Williams and no now they are supplying me with great leads that I dont have to chase no more. I never understood, what the phrase “Let the deals come to you” until I opened my mouth and started speaking what it is I do and how I do it. I love real estate!