Can you assign an reo to another investor??? I have a realtor that finds great deals all the time…Most are REO, I dont have the credit or money to purchase myself so can I assign the contract or do I have to get a finders fee from the buyer…Please let me know, just want to make sure i’m doing this correctly…I’m in AZ
Can someone please help me on this!!!
Birddogging for a listed REO is going to be tough. Most investors already have an agent working to find them a deal without someone else coming in and getting a fee to do so. You will want to find the investor homes that aren’t listed and are willing to sell to an investor to avoid foreclosure. I hope this helps.
From what I was told, you cant really do much with a REO unless you have the credit or cash to purchase. I’m not positive, but I believe you can do a simultaneous close if you wish, but these are difficult and really need to be left to seasoned investors.
It really depends on the selling bank. Many times, they will have an addendum that the property cannot be assigned and must be held for x amount of days (Fannie Mae is a stickler for this).
However, I have an REO under contract right now with no restrictions at all. I am not assigning it, but I could have.