Real Estate News by Christina Inman | October 12, 2009In an article in the Tuesday, October 6, edition of the San Francisco Chronicle entitled “Layer of credit checks surprises home buyers,” a woman named Kimberly Hayes explains that when she and her husband decided to bid on a bank-owned property, they were shocked to discover that the only way the bank would allow them to do it is if they could do their own credit check beforehand.
“This unnecessary credit pulling can potentially lower my credit score and widens the exposure of my sensitive financial information,” the article quotes her as saying. “I’m concerned about another set of eyes looking at my private information in a time of so much identity theft.”
And, apparently, they are not the first potential buyers to find themselves in this situation. Though not all lenders have this policy when it comes to their REOs, (Wells Fargo, JPMorgan Chase and OneWest Bank are all quoted as saying they do not require their own credit checks of potential bidders) it appears that some of the banks who do also insist that the bidder apply for a mortgage with them.
Real Estate Wholesaling by Stephani Davis | September 17, 2009
This article is part 2 in a 5 part series where I will explain the various methods available for closing REO wholesale deals and getting around the bank’s “No Assignment” clause.
Using the Quitclaim Deed Method to Wholesale Real Estate
Last week, I explained the mechanics of using a simultaneous closing, and this week I will discuss using the Quitclaim Deed Method to get your REO wholesale deals to the closing table.
When using the Quitclaim Deed Method, you will be adding your end buyer onto the purchase contract that you have with the bank, and then giving them a quit claim deed after closing in exchange for your wholesale fee.
It’s no secret that there are some great deals available on the mls right now in the form of REOs and short sales. I’ve been wholesaling REOs off of the mls for the last two years, and have learned a thing or two about what the banks are looking for in an offer.
Joshua Dorkin
The Massive Coming Shadow Inventory and What to Do About It
by Steve Dexter | December 23, 2010Let’s see….we have 900,000 bank foreclosures happening now according to Realty Trac and 143,000 of these are in California. Only a third of these foreclosures are even listed with a realtor. In my favorite areas to buy and hold real estate-Los Angeles and Orange counties- Realty Trac tells me that 34,000 houses have been taken [...]