Flipping REO
I need some quick advice. I have an offer accepted on a bank owned property, the agent is telling me the contract can not be assignabe also the agent is choosing closing attorney.
This is my first wholesale deal, I am looking for advice to work this deal. My first question is How can I get around the contract not being assignabe? What contingiences can I use in Ga state purchase & sale agreement to protect me if I do not find a buyer/investor for property? Is a hard money loan is consider to be a cash offer or contingent on obtaining financing?
If anyone can help me I will really appreciate it.
Thanks
D.Atlanta
If the agent works for you then you should tell the agent who you want as closing attorney. As far as your other questions sorry I don't know.
The agent represents the bank.
Thanks
You will need to double close. It may even be hard to do this because the bank will be involved for closing. It all depends on whats going on locally. We can't give you good advise.
As stated above, and to add a little:
When you purchase a property from a bank, they have all of the say in the matter. You do have the option to use your own attorney. You will have to pay above and beyond. I have done over 1000 bank owned properties. Not one was assignable. I had one where the wrong name was on the contract, they would not let me change it. I would have to go through the whole process again. Ownership on all the properties had to be by the original person who made the accepted offer.
Lori
[addsig]
Lori,
You mention you did over 1000 bank owned properties. Did you flip them to a buyer/investor? If so can you give me some advice how to handle this deal? I have other deals I am currently negotiating these are bank owned as well.
Thanks
D.Atlanta
[quote]
On 2004-07-18 20:11, Demetria wrote:
Lori,
You mention you did over 1000 bank owned properties. Did you flip them to a buyer/investor? If so can you give me some advice how to handle this deal? I have other deals I am currently negotiating these are bank owned as well.
They were all bought and retailed (SFR) or kept as investment (multi-unit)
All REO deals that I have been involved in have been bought and fixed up and then sold. Usually within 2-3 months depending on the weather. (longer in winter, shorter in summer)
Lori
[addsig]
Hi lori I am new so just a few questions regarding your post first what is SFR? (forgive my slowness) Also did you buy all the homes through finance (mortgage) If so did you sell in less than a year. New jersey has a rule you must hold property for at least a year when finance through a mortgage. i don't know if GA has such a rule.
[quote]
On 2004-07-19 08:22, tinman1755 wrote:
They were all bought and retailed (SFR) or kept as investment (multi-unit)
Lori
SFR is Single Family Residence; as apposed to a duplex, triplex or appartment.
SFR is just a normal house.