Can I put this property under contract?

Question

Hello, I am new to wholesaling and am trying to get my first deal under contract.

While driving for dollars I found this property very beat down and would be a great deal, on zillow the house is in foreclosure and is a reo and to place bids now. Can I still get this property under contract? If so who do I contact the current owner or the lender of the loan for the house??

Zillow-

"REO occupied, the seller does not represent or guarantee occupancy status. No viewings of this property. Please do not disturb the occupant. "As-is" cash only sale with no contingencies or inspections. Buyer will be responsible for the possession of the property upon closing. The property in a residential single family property with 4 bedrooms and 3 bath. Love bidding is ACTIVE for this property sold in "as-is" condition with no contingencies or warranties. Cash only. Make your bid now!"

Thank you in advance,

Peyton A. Lawler

Peyton Lawler · Answer

sounds good, I saw this driving for dollars and wasn't sure if it was on the market or not at the time. But now I know not to waste anymore of my time with it. Thanks again @Brandon Johnson

Brandon Johnson · Answer

If it's listed as REO then it sounds like the bank has already foreclosed on it.

You'll be hard pressed to wholesale a bank owned property unless you buy it outright with your own cash and then resell.

As a good rule of thumb you should avoid trying to wholesale properties that are already listed on the market. You're looking at the same deal as everyone else and their brother. Good wholesaler secure deals at low prices before they hit the market and before the competition becomes anyone with an internet connection.

Peyton Lawler · Answer

Thank you very much for your quick response and answer! @Brent Coombs

Brent Coombs · Answer

I've read hundreds of posts here on BP that all say the same thing about REO's: Banks DON'T allow assignments!

The name signed on their Contract MUST be the same party that closes to takes Title on settlement day. Cheers...

Brent Coombs · Answer

If you SAY (in the contract) you're a "cash-only" Buyer, but aren't - can you see anything wrong with this picture?

The Bank will NOT be interested in your (fraudulent?) claim that you have cashed up "business partners". Sorry...

Peyton Lawler · Answer

I can totally see how it could be misleading as wholesaling is kind of misleading to the seller.but can this "seller" still sign a But if I put in my contract that I buy, assign, and hold properties I could put it under contract?

@Brent Coombs