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.

Comments(2)

  • TheShortSalePro29th September, 2003

    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.

  • ei33329th September, 2003

    Read SteveCook's article, Getting Around The “Non-Assignability Clause!”

    hope it helps

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