Can I wholesale REO Properties?
The short answer is YES you can. We have done this in 44 states.
The seller is the Bank and The Bank’s contracts are not assignable. That means you need to actually buy the property. Now once it is under contract with the bank you can start marketing the property. Best case scenario would be to find a buyer before you close on the property and you can do a double close. A double close is Buy a property and sell the property the same day.
If you don’t have a buyer before you close but you know it is still a deal, still close on the property (buy it) and then continue to market to sell it.
If you don’t have the funds you may need a transactional funder or private lender.
We actually purchase almost all of our wholesale deals (REO and non-REO) so we can maximize profits. Whether it is to sell for cash, owner financing, or wholetailing (light renovations).
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