Help! My Brother wants to buy a REO property in Tacoma, WA.

6 Replies

Hello,

My Brother wants to buy a particular house in Tacoma, WA that is bank owned. He wants to buy it using a traditional loan. Before I send in an offer to the bank I wanted to know how I can squeeze myself into the deal? I am not a agent. I want to get 3-5% of the selling price. I am not sure how Wholesaling works in Tacoma - Spanaway Area but I want in on this deal! I appreciate any tips and knowledge you can provide. ^_^ Thanks!

Sorry to be blunt but you sound greedy. Very unlikely for you to become a middle person on any REO deal without being a licensed agent BTW.

Originally posted by @Steve Babiak:

Sorry to be blunt but you sound greedy. Very unlikely for you to become a middle person on any REO deal without being a licensed agent BTW.

Sorry Steve I don't mean to sound greedy. I was an agent before but I couldn't keep up with all the fees being active took. How would I be able to Wholesale this REO deal?

@Jennylynn Caldona , extremely doubtful you'll be able to wholesale and REO... most have deed restrictions. Some get around that by getting it under contract via an LLC and then selling the LLC to the end buyer, but that won't work for you because you said your brother wants traditional financing and that's not going to happen if the property is deeded to an LLC.

@Jennylynn Caldona  what have you done that entitles you to any compensation?  You should not have let your license go if you want to get paid.  Only way for you to wholesale it is if you buy it and then sell it to your brother for a profit. Good luck explaining to your brother why he should pay 3 to 5 perfect more for a house just because you feel you deserve a cut for some reason. 

What are you doing for your part? Why can't he make the offer? Just trying to clarify. I don't think I would try to profit off my brother's deal unless I was adding value. I may be missing something.

I'm helping my brother put the deal together that is all. If I don't get anything for it that's fine. My brother is too busy to take care of everything himself. Thanks for the help and posts all! ^_^

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