I have seen a few posts here about the “art” of REO wholesales…and would like to learn more about what I think is two important would-be obstacles in "my "mind!
POF …( Proof Of Funds) Is this required to make an offer and buy on all REO’s and if so
how can I solve this issue?
The “assignment”, which I understand is not recognized by the REO lenders’, and if this is
so, how can I resolve this issue?
I have heard of the process of going LLC but, I have also heard that there is something called
a " land trust" that can achieve to same goal.
Can anyone clear any of this up for and others that may have the same issues?
POF or PreApproval is Standard have your MTG guy make you a template or ask another investor.
Assignment you can’t assign a REO only double close Cash or Hard Money some say some Lenders will allow No Seasoning good luck.
Personally I always double close or bring on a Private Lender to ensure I close. You don’t want to get in the habit of bailing out on deals you can get a bad name for yourself