OfflineSo I found an REO that I would like to lock up, however, I need POF to make an offer. I would like to use transactional funding for POF and do a same day double closing. When you apply for transactional funding, they require you to already have a buyer in place, but how do I get a buyer in place if I don't even have it locked up yet? And I can't lock it up until I have POF?
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Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT
Hi Sheila,
Find a buyer that is looking for properties in your area or the area you are working on. When talking to that buyer get some info on what they are looking for such as: how much they are willing to spend, type of home, sqft, how long can they close etc.
The best place to find buyers is at your local RE club or people you know that is looking for a GREAT INVESTMENTS.Craglist is a great source for finding investors and just buyers in general, all of our buyers (32 of them) came from there. I would suggest you put an ad about the potential property you are look at. If they are interest have a conference call with them explain your part in the deal. Sorry for not asking this sooner, what are you trying to do with this property buy and hold or flip to a buyer. Also, get some kind of POF from the buyer to know that he/she is on board with any properties you send them if you are wholesaling or bird-dogin.
Hope this helps
Jason & Kelly
"I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understand that the problem wasn't "it" - the problem was "ME!"--Jim Rohn
I'm meeting with a realtor to do a walk-through,after that i want to put in an offer. how do i lock up the property on contract?, and assign it to a potential buyer. Also how long do i have if i dont have a potential buyer to find someone to assign it to, and is their a penalty if i dont find someone in time.