OfflineHello Fellow Dean Students,
I found a REO in my area. The property is selling for $14,900 and the listing agent is making me sign a SPECIAL SALE CONTRACT. I looked it up on google because the agent said I couldn't take the contract home to look over. I'm having a hard time understanding the contract.
I'm wanting to double close on the this property but I can't add on any contingencies to the SPECIAL SALE CONTRACT. How can I close on this deal with OPM while providing proof of funds?
Welcome all advice
Thank you,
Liem Ho
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REO's are more difficult to assign (nearly impossible) or double close (more possible). You can't add any contingencies or alter the contract but will get the standard contingency like inspection. You can use to get out of the contract if needed.
The cleanest way to approach it is to use your own funds for the earnest money deposit, find your buyer, and use his funds to reimburse you.
Be sure to keep an eye for restrictions like reselling within a 90 day period. That's common with REO's too.
The easiest approach overall is to simply work with motivated FSBO's. The contracts will be much less restrictive.
Good luck and let us know!
- Tom