Can I wholesale an REO if I'm fast enough?

Question

Can I wholesale an REO property if I find a buyer soon enough?

Damarius Gilbert · Answer

You definitely going to have to double close. You might get laughed at trying to put "and or assigns" on a contract with a reo. They don't play around.

Damarius Gilbert · Answer

wholesaling ain't easy.

Mark Gallagher · Answer

@Kameron Fontenot

Most REO contracts are not assignable which means you would have to double close. Not sure what additional fees there are in Texas, but you'd have to record 2 deeds, etc. Long story short is that it's doable, especially in this type of market that's hot.

Phil Z. · Answer

- #1, you should have a solid cash buyer long before you even think of tying up a property.

- You probably can wholesale REO in some cases depending on the banks addendum verbiage, but I would strongly recommend against it.  If I found out a buyer was 'trying to wholesale' one of my REO properties .. it would not end well to say the least.  If a deal goes bad the client is going to look at me.

Damarius Gilbert · Answer

@Noel Fernandez as long as you have proof of funds and the money sitting in your account to close on it. Than resell it. I tried REOs before, banks are chess masters. I've been laughed at before. Just look for motivated sellers or absentee owners. Unless you have money to close on a reo. I wouldn't even think about it.

Can I wholesale an REO if I'm fast enough?

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