i have a great deal but it’s an reo property that i’ve been follwing. Since reo’s aren’t assignable how would i present the offer to purchase. do i present the contract in my name and then do a double close? So much equity in this property, please help. NEED TO DO 3 PROPERTIES!!!
:help
Typically that’s the only way to “assign” a REO is through a double close. I would start by first finding a title company that will do that for you. You don’t want to wait until after you have it under contract.
Most the REO’s I buy are sold through a specific broker contracted by the lender. When submitting a contract/offer they usually require a pre-qualifying letter from my bank.
My understanding is that one must be pre-approved before the lender will accept a contract.
Maybe some else can shed more light on any possible options. :help
to obtain a REO list from the banks, do i just go there and request it?
I am by no means an expert, just know what I have done and do.
The REO’s are usually assigned to local brokers. You can use your own broker or contact the listed broker direct. They will usually have knowledge of the property conditions and have a lock box so you can go look at them.
You are correct. There are usually a handlful of agents in any area that handle REO listings. Once you find out who they are, you can usually get lists from them of their current listings. Any local active investor will usually know who the REO agents are. If you don’t have a good way to find out, then find a buyers agent to work with you and they should know.
do the banks give out the listings to a certain agency or to any agent? how does that work?