Wholesale Properties

I have learned to focus on vacant, run down/distressed homes when wholesaling properties. Does this include REO properties/foreclosures as well? And if you can wholesale these properties, is the process the same as it would be dealing with the owner of a property?

Edited: 06/26/2010 at 06:04AM

Jason Cummins

Real Estate Investor · Katy, Texas

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Oct 05 '08, 06:38 AM

REO's are VERY hard to wholesale. There are people who do it. The process is not even close to what it would be dealing with distressed sellers.

Dealing with the banks and RE agents make wholesaling REO's very tedious. I don't do them.

Edited: 06/26/2010 at 06:04AM

Mike C

Real Estate Investor · Waterbury, Connecticut

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Oct 05 '08, 08:40 AM

Originally posted by Joseph Ilg

I have learned to focus on vacant, run down/distressed homes when wholesaling properties. Does this include REO properties/foreclosures as well? And if you can wholesale these properties, is the process the same as it would be dealing with the owner of a property?

Hi, What is a REO property? I am fairly new to RE business. :lol:

Edited: 06/26/2010 at 06:04AM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Oct 05 '08, 10:03 AM

Real Estate - Owned. A property that's been taken back by a bank. More correctly, OREO or Other Real Estate Owned, to distinguish it from property such as bank buildings and branch offices.

Edited: 06/26/2010 at 06:04AM

Jon Holdman, Flying Phoenix LLC

Andrew Massaro

Wholesaler · Tampa, Florida

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Oct 13 '08, 08:49 PM

I don't do them, or teach them, either. I don't deal with lenders in any way, shape or form. You have to close, or double-close, when flipping REO's. If your buyer flakes out, you're left holding the bag. You leave the lender hanging, and they won't deal with you anymore.

But, with that being said, there are a bunch of people out there making a lot of money in this field. Similarly, you wouldn't catch me dead try to short sale a property. But, people are out there making good money doing this, also. It's just about preference.

Edited: 06/26/2010 at 06:08AM

Account Closed

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Oct 14 '08, 12:20 AM

Originally posted by Jason Cummins

REO's are VERY hard to wholesale. There are people who do it. The process is not even close to what it would be dealing with distressed sellers.

Dealing with the banks and RE agents make wholesaling REO's very tedious. I don't do them.

First you need to stop working with the reo re agents that is no way to buy foreclosures, you just need to go to the servicer direct.

We go there direct to the servicer and pick up properties from $12,000.00 to $9,500.00 per property, so it is really not that hard to wholesale foreclosure properties we do it all day long.

Reverend Corey

Edited: 06/26/2010 at 06:08AM

James Ward

Real Estate Investor · Ocala, Florida

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Oct 14 '08, 06:30 PM

We market to properties that are in preforeclosure. In our marketing we have found that several of them are vacant. If we can get the homeowner to agree to allow us to buy through a short sale we move forward. We are finding in our area (Central Florida) that we are finding it easy to wholesale to either rehabbers or landlords looking for a deal. Hope that my experience in my area helps in any way. If I can be of help or if you are in need of more explaination let me know.

Edited: 06/26/2010 at 06:08AM

Debra Bennett

Real Estate Investor · Long Beach, California

13 posts
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Oct 22 '08, 10:26 AM

I do REO wholesales also, no problem. Just do cash deals no financing, but you better close.

Edited: 06/26/2010 at 06:11AM