Wholesaling foreclosures in Minnesota?

Question

Can you wholesale foreclosures? I haven't done any wholesaling yet but I'm ready to start making offers if I can make them on foreclosures (almost ready, missing some key things like a contract.. That will be another post)

I've read, it's complicated and could face litigation... Please let me know. Thank you!!!!

Rob Grove · Answer

What is a A to B to C closing?

Account Closed · Answer

You are B.  A is your seller.  C is your Buyer.  You close with A first and then close with C.  It's also known as a double close.

Account Closed · Answer

If by foreclosures, you mean REO's, you can but you must do an A to B to C close or even be more creative than that.  Banks won't let you assign, and many have deed restrictions today.

If by foreclosure you mean short sale, then the same caveat applies except worse.  You have to get the short sale approved.  Good luck with that!

Rob Grove · Answer

@Tim Campbell I suppose I would need a written disclosure to provide the agent and bank  . Do I submit this with the offer? Should I say anything to the realitor when I'm looking at the property?

Tim Campbell · Answer

As a buyer, I would buy a foreclosure deal if it met my 70% rule...more like 65%.  It would have to work for all parties involved though.

Tim Campbell · Answer

You have to make sure there is sufficient disclosure to all parties involved and no deception. Consult with an attorney on any legal implications.