Who ever wholesale forclosed homes? I need advice

Question

I network with a agent and see decided to work together, the agent get low price homes from all over the states. The homes only need minor work and more than enough meat on the bone. Due to these homes being bank owned and no Liens what is the process? For this to go smoothly with real investors. I still went to make my assignment fee. Advice please

Ron S. · Answer

There would be no reason to deeply discount a property. Maybe we think of the word "discount" differently. If a property is in a state of disrepair, and is priced well below market, is it really priced at a "discount"? Or is it priced appropriately for the state of disrepair? If the latter, it's not a discount. A discount would imply something is priced lower than its value. That may be a valid tactic where there is an oversupply of something. That is not the case today so, foreclosures, REO's and open market properties are all being sold "At Retail Value". There is no longer any REO or foreclosure stigma associated with a property. You missed that boat by about five years.

Tenisha Walker · Answer

@Ron S. Thank you. Why so? If the property deeply discounted and a big ARV

Ron S. · Answer

Can't tell what it is you are trying to say with all of the typo/grammatical errors but from what i can gather, you are trying to find out if bank owned properties are a good deal and what the process to purchase them is? If that is correct, they can be but will be marketed at market value and the process is the same as any other home purchase. Wholesaling a bank owned property is a hit and miss endeavor...more miss than hit.

Tenisha Walker · Answer

**sorry for the typos via text***