If I have a REO under contract what are some options that I have?
I would like to assign it, but what if the bank will not allow it?
Am I forced to do a double close then?
How do I get potential buyers into the house?
From now on you would be smart to shop for the buyer BEFORE you shop for the house. It is really easy to locate buyers in any market. But be sure to keep that order though. There are ways to assign contracts without the banks raising a fuss.
Eric Medemar
Eric makes a good point. You can create a entity, say a LLC, and make an offer on a REO. If its accepted your OTP must include that the deal can be assigned. If you pass that obstacle then you now assign the entire LLC or sell the LLC for an assignment fee to your end buyer. If your agreement with the bank does not have this assignment clause then you are SOL if you are gonna try and assign.
Don’t make this more complicated. Your dealing with an REO and most banks want their money now and to get rid of the property without much fuss. They are looking for clean transactions that can close quickly and don’t like assigning or wholesaling. Too many deals fall through. Dealing with FISBO’s are much easier to wholesale or “assign” contracts since you can customize agreements, deal with the sellers face to face, and double close without any problem.
Nate-WI