First of all I apologize if my subject has been covered in-depth in passed topics…I could not find one…My need for information is this:
Could someone give me the scenario of making an offer on MLS (non REO) to an agent and the possibilities of being able to assign the contracts…I have an agent that updates me immediately on REO’s but I dont have the funds to tie 1000’s at a time…hence my course of action for MLS…non reo’s…Thanks for any positve input!
Unless your purchase contract prohibits you from assigning, you can just put the house under contract and then assign it to your end buyer.
You can’t do this with most bank owned properties because their addenda include a clause that prohibits assignments.
Steph :cool
What would be the ideal property/owner/situation to use an option contract with if bank owned is not possible. And, I’m only assuming it would be the national chain banks and not smaller local banks that would even care? Please advise.
I’m not sure I understand your question.
If you are trying to assign listed properties that aren’t REOs, you can just put it under contract using the standard realtor contract for your state (the agent will have one), and then assign it to your buyer.
If you are trying to tie up listed properties with an option, you are probably not going to get very far with the listing agents.
You might want to focus on non-listed properties if your plan is to use an option.
Steph