wholesaling foreclosure

2 Replies

Hopefully some more experienced wholesalers will comment but I do know you need to be clear on the state of foreclosure. Many banks won't allow you to assign contracts on foreclosures. Pre foreclosures could be treated differently because you can work with the home owners on selling before entering into bank foreclosure. But again. I'm not fully educated on this and hope someone who is comments. 

Take a look at the banks seasoning requirements some will require you to hold the property for xx amount of days and one don't allow you to profit xx% until you have held the property xx amount of days. Personally I think it's a waste of time, REO sell too quick, everyone can see them on the MLS/HUD/AUCTIONS, they require large down payments & proof of funds the LLC strategy takes to long. You are better of pursuing private seller leads and offering wholesale seller financing. But that's just me though.