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Forums » Wholesaling » Wholesaling REO's in Maryland

Wholesaling REO's in Maryland Subscribe to Wholesaling REO's in Maryland

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Tag Tags: reo wholesale


Mark Evelyn

Real Estate Investor


Forum_avatar_avatar-youngbuyer

Oct 15 '10, 07:49 AM

Does anybody know if you can do assignments on REO's in Maryland and DC?


James Hiddle

Real Estate Investor · Altus, Oklahoma


Forum_avatar_avatar-mr_investor

Oct 15 '10, 08:57 AM

Most banks will not let you do an assignment period.


Mark Evelyn

Real Estate Investor


Forum_avatar_avatar-youngbuyer

Oct 15 '10, 09:51 AM

Thanks for the feedback. typically you would have to do a double closing. just wondering if anyone in Maryland or DC knows something that i don't. Thanks for the feedback....


James Hiddle

Real Estate Investor · Altus, Oklahoma


Forum_avatar_avatar-mr_investor

Oct 15 '10, 10:39 AM

Smaller banks with larger inventory might forgo the no assignment clause since they aren't backed by the government bailout and they need to get rid of their inventory as quick as possible so you might want to check that out otherwise any larger bank will not entertain an assignment.


Jon Frame

Wholesaler · Nazareth, Pennsylvania


Forum_avatar_avatar-jframe

Oct 16 '10, 07:30 AM

Hey Mark,

I'm starting to do some wholesale deals in Baltimore. The spread is good on REO's so you should easily be able to do a double close and still make some money.


Joe Correy


Forum_avatar_avatar-jcorrey

Oct 25 '10, 09:17 AM

Mark,

I'm in Northern VA and have experience w/ MD as well. I can't say that I know of anyone that's had success getting the bank to accept an assignable offer.


Peter Giardini

Real Estate Investor · Baltimore, Maryland


Forum_avatar_avatar-peterg

Donor

Oct 25 '10, 10:28 AM

Mark... it is not a matter of location. I cannot think of lender who will allow an assignment. Also, most lenders will not allow double closes... this is controlled by restricting how long the property must be held prior to another sale (deed change).

With that being said, there are ways around this restriction... the most popular is to put the property under contract in and LLC and then sell the LLC to the ultimate buyer. The purchase price for the LLC would be your assignment fee.

Best of luck!




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