Can you wholesale foreclosures?

3 Replies

You should be able to wholesale it, you just likely won't be able to assign the contracts on the properties. You'll need to do a double close, which will cost you a little more since you'll have two sets of closing costs to pay. I'd definitely double check with a lawyer in your state to make sure there is nothing prohibiting it. 

If this is the case, you'll need to have some kind of funding on your own to cover the initial purchase. If you don't have your own funding source, many hard money lenders have programs available for this type of scenario that will provide you with short term financing and a POF letter. Just Google "transactional funding" and start talking to the different lenders to find the one that works best for your circumstance.

Originally posted by @Vivian Hernandez :

l have access to some properties that can be flipped. Some are foeclosure, how can l wholesale even if its listed with an agent?

First, get the property under contract.  If you need a proof of funds/ pre approval letter go to this site.

Make sure you get the contract set up where you use your own title company for closing or at least buyers side of the closing, even though you will be responsible for the costs.  This will allow you to work with a "friendly" company while doing a double close.

Use either besttransaction's transactional funding to give you the cash to close the AB portion of the sale and your BC transaction will pay off your transaction funder.

Hope this helps