I got an email from a guy claiming to make a boatload of money flipping/ wholesaling REO properties, to the best of my knowledge, you cant assign REO contract, in my experience, the bank has their own contract, unless you do A to B, B to C, but im also hearing about a 90 day hold on title, my question is, is this a feasable system? and has anyone heard of the REO ROCKSTAR?
I met the REO Rockstar, he has wild hair and plays a mean 12 string steel guitar, I think his band is REO Speedwagon! Not!!!
Contrary to your thoughts a REO property can be assigned, it is a short sale that must close now to the buyers name and include a HUD1! (So you have to use transactional funding to close.)
The bank does not have there own contract, normally a listed REO offer will be written on a state board of realtors contract, an unlisted REO offer may be submitted to the REO owner and may be cleaned up by a counter contract in a new format, however everything is negotiable by simple crossing out provisions and initialing or asking for an amendment!
Title is title, it closes according to Federal and State law, it is normally a short sale that comes with provisions restricting resale or flips for some period of time 30 to 90 days!
I don’t know how much the Rock Star charges for his concert package (CD’s, Video and Written Text) but you can learn an awful lot just by reading in this and other forums, and places with free education!
Thank you for the priceless info, the trans funding i can get, i understand the A to B, B to C, but how do i get around the $1000 dollars the bank wants as ernest money deposit? Im thinking that i will have to recoup it back on B to C.
If you put up $1000 for earnest money, your asking $1500 (Over $1000) or more from your B-C buyer! GR