When To Show REO's To My Buyers?
Hello all
I have a quick ? for all of you who have wholesaled bank REO's:
At what point do you begin to show the property to your wholesale buyers? Before your offer to the bank is accepted or after. And also, at that point do you guys already have your financing in place just in case you have to buy and rehab the property yourself??
And one more thing...how advantageous is it that my wife is my r.e. agent?
[addsig]
Question: At what point do you begin to show the property to your wholesale buyers? Before your offer to the bank is accepted or after.
Answer: After the offer is accepted!
Question: And also, at that point do you guys already have your financing in place just in case you have to buy and rehab the property yourself??
Answer: Before I make my offer!
Question: And one more thing...how advantageous is it that my wife is my r.e. agent?
Answer: Access to MLS is the only advantage.
[addsig]
Thanks JM
another thing...b/c you already have your end buyer lined up, doesn't this mean that you won't have to utilize you HML b/c your buyer is coming to the closing w/ funds?
[addsig]
Quote:
On 2004-10-11 11:35, shamund wrote:
Thanks JM
another thing...b/c you already have your end buyer lined up, doesn't this mean that you won't have to utilize you HML b/c your buyer is coming to the closing w/ funds?
Yes, that is correct
[addsig]
I thought that banks usually won't allow contract assignments on the REO properties.
If this is true, how exactly are you proposing to handle this transaction if you aren't actually bringing financing to the table yourself?
I've been told by title Co's here in AZ that they will do double closings as long as, and only if there is full disclosure to all parties involved in the transaction. Now I know that the rules vary by location, but in my area wouldn't this create an issue with the Bank that would kill the deal?
Thanks in advance for your responses,
Jeff
My plan is to conduct a simultaneous closing. From studying Scott Rister's course, the only complications that arise is when or if your attorney unknowingly puts your buyers name on the deed while your name was on the purchase contract. Right now I am in the process of making sure my attorney understands this. Once she does, I will be ready for takeoff....
[addsig]
Thanks for the response. I understood what you were trying to do. My question was directed specifically to the "Full disclosure" requirements in my state, and how that might affect this method here. Maybe I should post this question myself, and stop tagging along on yours.