Today I am bringing you the final post in my five part series where I have explained the various methods available to wholesale REO deals and get around the “No Assignment” clause that most banks include in their addenda.
So far, I’ve discussed simultaneous closings (my preferred method), double closings, using a quitclaim deed, and using an LLC.
Using a Land Trust to Wholesale
In this post I will be talking about using a Land Trust to get your REO wholesale deals to the closing table. This strategy is similar to the LLC method that I discussed in last week’s post; in both instances, you will not be selling the actual property to your end buyer, but rather, the LLC or the Land Trust which owns the contract to purchase the property.
If you decide to wholesale your deals in this manner, you will be making your offer to the bank in the name of a Land Trust (which you will create once your offer has been accepted), and signing the offer as the Trustee of the Land Trust.
Joshua Dorkin
Charles Feldman
Ted Karsch.
