OfflineI am currently looking at three REO properties and need to know, before I call a RE attorney, how to close. Can I close by assigning or do I need to have a double closing.
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David I.
I am currently looking at three REO properties and need to know, before I call a RE attorney, how to close. Can I close by assigning or do I need to have a double closing.
David I.
You'll have to double close on it. In 99% of the contracts for REO's there will be language in there prohibiting assignment. Also be sure to read all the language of the contract. There may be restrictions in there on reselling within xxx number of days and/or for xxx amount of profit.
Let us know how it works out - good luck!
- Tom
David,
It is good practice to always ask your agent, or the listing agent if you are not using a buyers agent to represent you, for what deed restriction are placed on the property, if any. Then convey that information to your investors to assist them in analyzing a property. It is always good practice , as Tom mentioned, to review all documents associated with a property purchase personally to make sure you understand everything associated with a deal.