I find some really good deals on post-foreclosure houses owned by banks. I know that banks aren't into letting people wholesale them, so I was wondering if maybe I could get a contract with the buyer? Saying that he would not buy a certain property except through me, or something like that. I'm new and haven't done a deal yet. There's tons of these properties up for the taking though.
In a word, HUH?
I really don’t know what you’re trying to accomplish, but from what I understand, it won’t work.
Why would a buyer, any buyer, sign something that says that they would only buy the property at XYZ place through you? Are you a RE agent? If not, then you’d be acting as one without a license, which is a crime. Not good.
Banks don’t care if you wholesale properties that you’ve bought from them. What banks generally don’t allow is for you to assign your contracts that you have made them.
If you can find the deals and get them under contract, and if you can find investors to sell them to, then you should have no problem. All you need to do is double close. Or do a partnership. Or birddog the deal (no contract needed here).
Raj
Thanks for the help, i appreciate it.