Help With This Deal
I found a REO property - 5 beds, 3 baths, pool, etc. for $96,900 in a nice area.
Comps I found were around $120k. The property is in move-in condition and I should have no problem flipping to a retail buyer. This is my first deal, how should I proceed? .
Should I try to get the bank to accept a lower price by offering an all cash closing (subject to my finding a buyer) in 30 days? Also, what clause is suitable to use with a bank that will give me time to find a buyer.
Generally, most REO transactions don't work that way. You may or may not be able to insert a financing contingency... but usually it's an all cash, no contingency deal.
You should have your network of Buyers in place... I would start advertising NOW if you don't have at least a few potential prequalified buyers in place.
Read SteveCook's article, Getting Around The “Non-Assignability Clause!”
hope it helps