I have a off market REO property that is priced .65cents on the dollar. Working with the listing agent, its located in Orange County, CA. My concern is, since the listing agent is going to be using their purchase agreement, how can i position myself safely to be able to do a double close and wholesale this property out. I just got off the phone with the listing agent and made him the $145,000 all cash offer. Has not got back to me yet.
ARV: $220,000
Proposed Purchase Price: $145,000
Repairs: $20,000
What has been everyone's experience wholesaling REO's?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
11y
"Off market" and "listing agent" are conflicting terms. If it's FNMA there will be resale restrictions. For other sellers, you won't know until you see the bank addendums. They'll require a POF for your cash offer.