With all the REO peoperties for sale by the banks mostly all the investors are lock out because they can’t pay cash or wholesale it to other investor or buyers. Who has the answer to this problem?
If the contracts are non-assignable simply put the home under contract in the name of an llc then sell the llc.
or add on a buyer for financing then quit claim deed yourself off after closing.
Those are just 2 of the many ways to get around REO problems.
get pre approved by a hard money lender. If that’s not possible try to find a private lender that can pay for it. The key to REO’s is the bank thinking that you can fund a deal. Give them all of the paperwork that they want to see, giving yourself 45 days to close if you’re trying to wholesale i; 30 days if you’ll be buying it.
Make sure that you stay engaged on the house and you’ll get it.
Hi…I make my entire living wholesaling REOS and have for over a year. Here’s EXACTLY how we do it…(for one thing, we could never create that many LLCs, we would go broke, in CA it’s $800 per LLC).
We take title in our (name) Trustee, Exact Vesting to be determined in escrow.
Then, when we find a buyer, we simply tell escrow we need to change title (do NOT use the word “Assign”)…this will work 80% of the time (but you need p.o.f. for whoever you change to)
…in the event the bank says “no”, you can’t change it, we have the buyer fund it, but we take title in a land trust…we give the buyer 100% ownership of the trust as well as a deed putting it in their name. We’ve done over 50 and our average markup is $12,000…hope this helps…Kurtis
Thank you all for the great posts!!
I Need some info and direction to get started in wholesaling.
Questions about Wholesaling for one starting with little money or credit:
So when to use Option - when buyer getting Bank or Conventional financing?
Use a Purchase sales Contract when buying REO? Can not use an Option with REO from bank?
I’ve heard some say look for wholesale deals from other wholesalers and market them to other investors with a markup price. Would this strategy be viable in this type market?
Is it better to sell to cash investors or owner occupants if we can assist them with some financing in this market?
Is it better to go after fixer-uppers or "discounted pre-foreclosure pretty houses in this market?
Fastest and best ways to get properties sold in this market?
Thanks for your help!