Wholesale to owner ocupants? How is it done on REOS?

Bird Dogs, Wholesaling
1

Wholesale to owner ocupants? How is it done on REOS?

2

Would you please re-ask this question and explain your question in more detail please?

3

It is only done in the manner that you are thinking if the buyers are cash buyers. In which case you can do a double closing, were you buy it first using your cash and then resale it on the same day to your cash buyer.

It’s highly unlikely that you would be able to wholesale an reo to an owner occupant that has to qualify for a bank loan unless you are buying it for cash and holding on to it for awhile. The reason why is because you have to have title at least 90 days for the buyers loan to fund.

4

Couldn’t be more further than the truth. I wholesale deals exclusively to O-O and they all use local banks for financing. I take them to my lenders that I know could care less about seasoning and just want a solid buyer and nice ltv.

I rarely wholesale to investors anymore. I get more money with owner occupants and they are slam dunk deals for them, me, and their lender.

You only need to hold a house for 90 days if your buyer is using FHA and for wholesaling to O-O that will never work. I want to buy and sell the house on the same day, hence local banks is where the money is at for me.

Nate-WI

5

Thanks Nate UDMAN!.. whats working for u these days FSBO or REOS?

6

95% of my business is buying off the MLS i.e. huds, reo’s, estates, vacants, etc.

Nate-WI

7

if i wanted to do a mailer to get motivated sellers what do u think about NODS or Trustee list? which is better?

8

I agree with Nate, you can definitely wholesale bank owned properties to owner occupants. One way is the way that Nate outlined above.

9

I don’t do mailers.

10

nate is there any special docs i need to use ,like we use trust on some reos or do use just use a standard assignment contact, what are the steps from a-z to close the oo with a small bank? same as other reos?

11

Did you hear my call with Steve Cook this week on how I wholesale to owner occupants? I went from A-Z and explained the entire process on that call.

Nate-WI

12

no i missed it…::(( how can i get a copy?

13

You can e-mail me at address listed below

If I post any other information the forum nazi’s will blast me.

Nate-WI

14

propace…are making offers on MLS properties or fsbo houses? How to assign them is different in both cases.

Nate-WI

15

Both

16

If that’s the case then you should be able to get some deals brewing and start wholesaling to O-O.

Nate-WI