Double Close on REO
I am looking to do a double close on a reo property but I am not clear on how the agent comes into play. Should I contact one, or should I contact the listing agent. Would I have to take my end buyer to that same agent?
If the whole situation is done with the listing agent, do they get quadruple paid? Wouldn't that warrant some negotiation for a further discount?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Double close is the best way to handle an REO flip. The seller will not allow assignments, and some will refuse to sell if you buy in an LLC.
Your problem is the back end. I think you mean the buyer is getting FHA financing. No chance of closing this with a double close. FHA requires a 90 day seasoning. The seller must own the property at least 90 days. Getting around this has been asked a few times recently, but I haven't seen any scheme to accomplish this.
Realistically, for double closes you need cash buyers or buyers with hard money.