Simultaneous Closing an REO

[Nick Sandt]

Have you ever did a simultaneous closing on an REO? If you have, please tell me how it went down! If you haven't, but know how it's supposed to go down, can you please share that?

[Tom S.]

@Nick Sandt 

Be sure to check the contract that there aren't reselling restrictions. Many banks may put in restrictions stating you can't resell within 90 days or can't resell for more than x amount of profit within 90 days (as an example). Virtually all REO's will have a non assignable clause as well.

Hope that helps,

- Tom