OfflineA Pa. realtor sent me an REO listed for 23,000.
I don't have the repair costs,totalview has it at 104,000.If I"m correct you can't wholesale REO's.I want to know the best approach to use when working with no cash?
Peter Smaltz
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REO
Posted on: Wed, 03/27/2013 - 22:08
REO
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- by psmaltz
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Hey pslmalts i congratulate you on your action, you can wholesale REO's, the best approach to use is one i am using which is simply make an offer for 70% of asking price or get sold comp's from your realtor & offer 70% or 65% of ARV, get contractors to go and give you qoutes on the prop 3 of them for the rehab, make sure too include in your offer and/or assigns(some sm banks & credit unions w/accept this contrary to public opinion:) and if not then just double close the prop but you have to have enough spread to allow for the usual 2% the lender charges.
You can look under forums for this topic on wholesaling to get more info n details hope this helps.
PS I just got my username back after a problem w/the system so havent filled out my profile yet but w/soon
Tony
Go faster do more! GFDM!
I'm also working on wholesaling an REO...yes, it can be done!
Good Luck!
Teresa
College Station, TX
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Yes you can Wholesale REOs !
It is very rare for a bank to get into an assignable contract , so a assignment of contract is probably not going to happen.
You would want to do the double close strategy which is where you get in a contract to buy it & close (lets say April 20th) but then also get in a contract to sell it April 20th to close at the same title company.
Literally buying and selling the property on the same day.
Make sense?
Harold