REO

Worked on a S/S, had buyer in escrow, deal died due to 2nd would not short. Now property is an REO. Question is the buyer I had may still have interest as well as anothor party. Assume I make an offer that is accepted that affords me a reasonable profit to “flip” it to my original buyer…how is this transaction handled since I will not be able to control escrow. I don’t want to secure a new loan and then close to my buyer with a new loan, numbers won’t work. Example, say I get contract for $300K…sell at $345K…how can I close this to my buyer without lender(bank) being aware of a double escrow? Not sure an “assignment” would work here either…

You can not assign a REO, banks will not allow this since they know you will be making a profit right away. You need to do a double closing on the property but beware, most banks will chose the title company to do closing and not all title companies will do them.