Browsing: real-estate-owned

Real Estate Wholesaling
6

This article is part 3 in a 5 part series, where I will be explaining the various methods available for closing REO wholesale deals, and getting around the “No Assignment” clause that most banks include in their addenda.

In part one of this series, I talked about simultaneous closings, and part two I discussed using a quitclaim deed to wholesale your REO properties.

Today I will be focusing on doing double closings.

What is a Double Closing?

Just like a simultaneous closing, when doing a double closing, there will be two separate transactions taking place- the A-B transaction where you are buying the property from the bank, and the B-C transaction where you are selling the same property to your end buyer.

Real Estate Wholesaling
18

This article is part 2 in a 5 part series where I will explain the various methods available for closing REO wholesale deals and getting around the bank’s “No Assignment” clause.

Using the Quitclaim Deed Method to Wholesale Real Estate

Last week, I explained the mechanics of using a simultaneous closing, and this week I will discuss using the Quitclaim Deed Method to get your REO wholesale deals to the closing table.

When using the Quitclaim Deed Method, you will be adding your end buyer onto the purchase contract that you have with the bank, and then giving them a quit claim deed after closing in exchange for your wholesale fee.

Real Estate Wholesaling
19

If you’re a wholesaler and have been considering jumping into the REO arena, you’ve probably already figured out that you’re not going to be able to assign your purchase contract to your end buyer like you would on a regular wholesale deal. Ninety-nine percent of the banks will include a “No-Assignment” clause in their contract which will prevent you from doing so.

REO Wholesales are Still Possible!

Because of the bank’s restriction on assigning contracts, many wholesalers are under the impression that there is no way to wholesale these deals at all. This is far from the truth, and while there may be a few more hoops to jump through when wholesaling REO properties, there are still several ways to get these deals to the closing table.

Over the next five weeks, I will be covering five different strategies that you can use to wholesale your REO deals and get around the bank’s “No- Assignment” clause.

Conducting a Simultaneous Closing

Today I will be talking about using a simultaneous closing, which is the way I have been closing my REO wholesale deals for the last two years.