Anyone ever had a wholesale deal where your only interested buyer was wanting to use conventional financing (which means you can’t simultaneous close it right? i try not to do assignments)?
Do you try to coax them into using a hard money lender or use transactional funding to get your side closed? Trying to think of options for that.
Just wanting to know for future reference
Usually, when you wholesale a property its because the property has a lot of deficiencies. You wholesale it to rehabbers who then sells the house at retail price after renovation.
If the property has deficiencies no bank will finance it. The HUD-203k is only for owner occupants.
Don’t waste your time with such buyers.
We buy foreclosures all of the time and at least have of the foreclosure properties are in very good shape. The only reason they went to foreclosure is because of the owner losing a job, not because there are problems with the home. The bank would not help the owner. Defiencies, not many. Just the bank will not help so there is nothing left to do.
Don’t have to know very much about real estate investing as a whole to be successful at it.