Buying Reo's/Selling Contract
Hello,
Am a newbie in need of advice. I'm interested in getting started buying bank owned properties, since my budget is limited. My question is, is it possible to "buy" a property and then sell the contract instead of getting a loan and fully owning the house? ( as my credit isn't the best) I hope this question is clear enough to answer. Any and all responses would be greatly appreciated.
Thank You
Banks do not allow assignable contracts. They want cash.
Why don't you flip the property within the 30-45 accepted contract window (sell to a buyer) and do a double closing. A-B and B-C you get the difference (provided on how you structure the deal - pay all closing costs and down payment etc. or not, this gets tricky because you need to know how much exactly all costs will be and how much spread is in the deal asking prices vs selling price. I hope this helped and not confused you.
Banks do not allow assignable contracts. They want cash and you may need to prove you have the cash. You can get deep discounts on property but you will have to do YOUR DUE DILIGENCE!!
Thanks to everyone for your insight. It has helped tremendously.
Thank You