How would your property go about buying a bank-owned property in the state of Maryland?
Ways to assign the property to other investors and buyers.
Could you rephrase your question ? I'm not sure what you mean.
How would you properly assign a Reo property to your end buyer? Even though Bank owned properties don't won't you to. So what I'm asking really is What clauses can I input that would make the Reo assignable. Or How can I go about Assigning the property.
Short answer, you can not wholesale an REO.
There are shady characters using land trust and LLC to do this and then selling the LLC to the end buyer as a loophole but be advised your looking for trouble doing business that way! Good Luck ð
You can do a double closing with transaction money or simply put the contract on a corporation and you sell the corporation.
@Trevon Randolph -- a few people have already stated you cannot assign a Bank Owned (REO) property. I wholesale REO properties but we buy it first and then re-sell it.
If you don't have your own money, I recommend you network with people and find different types of capital (transactional funding, private lenders, etc).
@Trevon Randolph the cleanest way to wholesale an REO is to double close. If you don't have funding for the ab transaction you can use doubleclose.com for cheap transactional funding. Another option is to actually just sell the llc that has the contract on the property. It's easier to do these types of deals with buyers that know and trust you. It's a pretty unconventional way of transferring property so it can make new buyers a bit uncomfortable. Best of luck!
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