Thanks for your post. Was hoping you could help me with something: I don't have enough cash of my own and credit's not great. What does the bank need to see from me in order to lock up an REO deal, so that I can then assign it to a cash investor?
I have put in an offer through an agent on an REO. The bank only required the proof of funds which I got through Coastal funding.
But some banks, or most will not let you do an assignment on the REO.
So check with that agent first. The assignment contract can be used with the agent if the home is being sold by the owner. This contract has nothing to do with the loan, it is a contract between you and your end buyer and transfers your agreement to purchase from you to that buyer.
Another agent that I worked with briefly, told me the bank would want my bank statements, which I think was more her idea, so I just went to a different agent.
Good luck
Sandi
Offline
Thanks for your post. Was hoping you could help me with something: I don't have enough cash of my own and credit's not great. What does the bank need to see from me in order to lock up an REO deal, so that I can then assign it to a cash investor?
I have put in an offer through an agent on an REO. The bank only required the proof of funds which I got through Coastal funding.
But some banks, or most will not let you do an assignment on the REO.
So check with that agent first. The assignment contract can be used with the agent if the home is being sold by the owner. This contract has nothing to do with the loan, it is a contract between you and your end buyer and transfers your agreement to purchase from you to that buyer.
Another agent that I worked with briefly, told me the bank would want my bank statements, which I think was more her idea, so I just went to a different agent.
Good luck
Sandi