Hi everybody hope everyone is well and successful. I'm a newbie in the Wholesaling business and last night a real estate agent buddy gave me two foreclosure properties (bank held), I have a few investors who are willing to pay all cash for properties I bring to them as long the deals makes sense. My questions are what is the language that I use when talking to the bank and the investors, also how do I get paid for my work???
You don't talk to the bank. You talk to the REO real estate agent and will enter the contract for you. You will need to do a double closure and get your non-refundable deposit EMD from your cash buyers and the rest at the closure (title company).
And, you may have issues trying to do a double closing, even if you find a title company doing them, your transaction will probably not comply with the bank's closing letter they send as instructions to close.
Get transactional funding, close in your name, then sell to the real buyer in the other room.
And, do not talk to the bank! Contracts with banks usually don't allow assignments and they sure won't do an option. Just buy it! Good luck :)
It always depends if you live in a common law state or not. In Nevada we close in encrow and double closing confuse many escrow agents. So choose a knowledgable company to close in this manner.
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