HELP and HORRAH

If the property is indeed a REO the house has already been foreclosed on. So you will have to make your offer through your agent. The agent will supply the contracts. The bank WILL require POF and a copy of a check for THEIR requested earnest money amount when you submit your written offer.

Do you KNOW these facts about the property and your "buyer"?
1. What is the ARV of the property?
2. What rehab/remodel is needed and what are those costs?
3. Is your buyer a cash buyer?
4. Remember, you can not represent a buyer or a seller without a R.E. license. You are buying and selling a property/contract for a profit. That is what you are doing.
5. What is your exit strategy, what is your buyer's exit strategy and how do you plan to legally make your profit? How will you control the property? How and where will you close? What type of closing will you do?

It is great you are taking action. Now you will learn how to do deals. Most folks never make this step! Will it be easy? NO! Are you going to find problems you have to overcome in order to ACTUALLY make offers and do business for real? YES! This is where the 98% fail.

Good Luck!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

I plan on a assignment. The buyer is purchasing with cash. His requirements are 45% ROI which is high. I am asking 36,400 and the ARV is from 90-100k. Do I still use my agent?

If it is an REO the contract will not be assignable.

Michael

So my option is to buy and resale - a double closing?

i wish you the best