Vacant Property-Bank Owned

[Tiese C.]

Good Morning BP,

I have found a vacant property that is bank owned. The bank has said that it will be going on the market very soon & that I can be the first to place an offer. Can this be a wholesale transaction? I  see the potential of this property. I have not run any numbers because I  just found the property yesterday, emailed the bank & the bank called back this morning. Please advise what I can do, if anything. I appreciate all your feedback & guidance.

Thank you!

[Jeff Copeland]

Most banks will not allow you to assign the contract, and many REOs get listed on the MLS and end up with multiple offers and a "highest and best" round. Like @Matt Lefebvre said, not impossible, but far more complicated and a much lower chance of success than a private seller.