Hi guys,
i have a property i want to put under contract and it’s an REO, the agent told me i can get it for 60 cents on the dollar. There’s no work needed,maybe carpet,that’s it. The folks just moved out and it’s in a great neighborhood. Can i do a double closing to flip this property,by getting an end buyer to buy from me. Is this possible. Property is worth 200k when i ran comps, and i can buy at 60%,i want to go for 180k. I just want to make sure i can double close,because i can find the funds for that,but i’m not sure if it’s possible,please help me, that would be my first deal. If possible,i know many more would come after that. Thank you anyone,thank you.
Yes, you can double close on the bank owned REO.
Check and verify you live in a state that double closings are legal and you actually find a Escrow or Title Agency that will do a double closing.
Since you want to double close, this is probable an as is sale as you will not own it long enough to make repairs. (Double closing 3 minutes between documents.)
Give your end buyer a great discount and make it a win/win for everyone.
You have got to find an end buyer to close simultaniously so give your self enough contingency time and a little longer closing on your contract so you have 15 to 20 days to find the buyer. (60 days vs 45 days if you can.)
Good luck!!!
Thank you very much, that was the scray part for me, i have 3 agents sending me deals all the time and they are in perfect shape,because that’s what i ask for them to send me. I’ll still be able to pocket a good chunk of cash. But i just wasn’t sure at all,if it was possible to double close on REO’s. Thank you again,thank you. I am very excited right now.As long as i make something,i’ll be very happy in the beginning stage.
Generally with REO’s, the bank will only give you a certain amount of time for
inspection periods. If they see a long inspection period, they may not accept
your offer.
If you’re not sure you can move the property, don’t tie it up, especially if it’s
an REO or you’ll lose credibility if you can’t close that deal.
Gather up some buyers NOW!
Also, make sure you have a back up plan! If you find a buyer and they end
up not closing, have other buyers lined up and be prepared to close on the
deal yourself, if you have to. If it’s a good enough deal, I’m sure you’ll sell it
no problems if you Market, Market, Market!
HTH
Is anyone aware of a title co. in say Ventura or L.A. county (CA) that is great at B to C closings w/in 24 hrs?