Minnesota HML
I am just getting started in REI, have an average score of 689, and looking for a 90/10 on a $41,000 home and need approx $4000 repairs, ARV should be in the $54 - $59,000 market value. Any leads would be appreciated.
Thanks - I love this site and am hoping to "retire" from my current job within 2 years. 
I mean "sword" lol
The term of art for what you want to do is assign the contract. Browse around here-- mostly in the legal forums I think. Though also perhaps in the birddogging forum. There must be 10,000 threads on assigning contracts.
Yes you can sell it. You have a piece of paper that is worth something. You simply provide aa assignment of your interests for cash.
ah thanks guys seems like thats might be a good way to go. any takers>>>
is 15k reasonable to ask for this contract??
Understand this: The seller is selling her redemption rights i.e. a piece of paper saying that she passes the rights on to you for a cash payment to her. This agreement should be witnessed AND notarized.
You then proceed to the party that controls the property and execute on them i.e. get a payoff amount and pay them off. You would be very, very wise to have the seller move out preceeding the acquisition of the property.
You now control the property i.e. you can sell it to whomever you like, but you now are selling property NOT an assignment of a contract.
Does anybody have any insight as the best way to approach this offer,,,please, new at this and needing help.
EB
Ebellis,
Putting togther a package to submit on a bank owned
reo is a complete waste of time. The bank has already hired the agent to do what is know as a bpo which is
basically the same thing you are talking about complete with pictures, comps and repair estimates buy law an agent is required to submit any and all offers. But if your offer is considered inadequate
(ridiculous) he will present it in a very unfavorable way any offer you make after this to your agent will be
scrutinzed and the last looked at. Reo reps do have quotas to meet and will hardly ever go lower than 70 % ltv on any property plus they have a set price to ask and must wait 30, 60, 90 days to lower there price in these increments do not make ridiculous offers or your crediabiltiy will be shot before you get started. start at 70% ltv subtract repair cost , closing cost from the 70% ltv and work your way up thru the offer and counteroffer process negoitiation is the key here if you get up to 80% ltv ask the bank to pay the closing cost and if needed pay the termite inspection and treatment the standard treatment in my are is $600.00 I do this on all my trasactions and raely if ever have i paid closing cost or for a termite treatment.
hope this helped