21 And Looking For A Flip
Greetings All,
I'm currently enrolled in college down in Atlanta, GA. I'm very interested in getting into wholesale flipping. I do not own a home, and I'm not in the position to prequalify for a mortgage.
My question is this. I have a few houses here in my local area that are REO properties. From my understanding, the next step would be to get the house under contract and then proceed to find a buyer.
Should I have a lawyer look over my legal documents (contract and assignment) for this and each house? Are their any legal matters that need to be considered outside the basic paperwork?
Should I find a buyer first before even finding a house?
What other legal ducuments should I have typed up for my first flip?
Should I inspect the house before making an offer to determine the appropriate rehab fees?
Finally, if the bank accepts the offer then the house will be under contract at that time? Can they sell to another investor after that happens?
Any help would be greatly appreciated. Thanks so much.
Mike McCormick
Mike,
In my area REO's are almost impossible to flip as an assignment. There must be a double closing. Which means you would have to buy the house, then sell the house. Check with your real estate agent to see if the contract is assignable
Lori
[addsig]
So I take it that the agents always set it up this way so they don't miss out on commission?
I guess its adviseable to be upfront about the flip with these guys from the start also?