Hello everyone, I’m new here and to the business. Has anyone really done a lot of wholesaling contracts with bank owned properties? I’ve found some steals that are bank owned, and I’m curious to know whether they are willing to work with an assignable contract. Any info helps a ton!
Thanks in advance!
Zach
In general banks do not allow you to assign their contracts. You need to either close with your own funds and resell or find a title company that will do a simultaneous close.
Right… a banks idea of a good day is to move a property, not tie it up into an option that may never get exercised, or having someone attempt to assign it to someone that is not able to close.
They want to move them, and move them fast… well… depending on the bank :banghead
Yes, with banks they dont want to see assignments, but i have not been able to find a title company to close simoutanious- but attorneys will.
I work in the Orlando market and we deal with REO’s all the time. Banks will never let you do an assignment but we do double closes (simultaneous closes) all the time through our title company we deal with, so you might not need an attorney where you are.