REO contract

3 Replies

My realtor submitted a assigned purchase contact on a wholesale deal. Bank states they don't accept assigned contracts and wants proof of funding.

I mentioned a double closing and was told this is illegal. I have messaged my buyer reference proof of funds. Awaiting response. 

Any ideas or suggestions? I'm new at this. This was my first offer. Thanks!

I assume you mean you submitted an assignable contract. No, banks won't allow assignments, both of you should know this. You can do a double close, but you need your own money....your agent is correct in telling you that you can't use your end biye's money to closed on your transaction with the bank. The POF has to be in the name of the purchaser on the purchase contract with the bank.

Originally posted by @Wayne Brooks :

I assume you mean you submitted an assignable contract. No, banks won't allow assignments, both of you should know this. You can do a double close, but you need your own money....your agent is correct in telling you that you can't use your end biye's money to closed on your transaction with the bank. The POF has to be in the name of the purchaser on the purchase contract with the bank.

Thanks for your reply. I'm very new at this. The realtor has 30 years experience. I just found a realtor in my area that has worked with investors before.