Does anyone know if there is a way to do a wholesale on a bank owned property. In my experience banks to like to deal with contract assignments. Any suggestions or is there just no way around this??
You can do a “double close”. Meaning you take title to the property and have your buyer behind you taking title from you. You may have to get a private lender to lend you the money for one day.
Check out www.realestatedayfunding.com/
You could do a double closing…
You could do a “Add a buyer for financing” then after closing once you grab your assignement fee you simply deed yourself off.
You could keep an llc ready, then put the home in the name of an llc, then sell the llc instead of selling the contract…It’s virtually the same thing.
You could bring in a partner, do up a contract between you 2, have him fund the deal, then sell it to him after closing for your assignment fee…
That should keep you busy for a while…
Good luck
Eric
REOs are difficult to wholesale because, as you say the bank wants to deal with buyers. I would say that if you can get funds from a private lender then just do a double close. This does mean,however, that you’re doubling your fees etc., which is not a problem if the deal is good. Also make sure that your buyer’s lender does not have seasoning issues!