Now what? Help!!
Hi everyone! I hope someone here can help.
I've been looking at a house now for months. The price has finally dropped down to within a few thousand dollars of my MAO. The house is a foreclosed property that is now bank owned. The bank has strict contract guidelines.
Has anyone here ever wholesaled an REO? I'd like to do a double closing, but their guidelines don't allow for an escape clause that I can see. There is no sellers disclosure, no termite letter, the property is being sold AS IS. I must inspect the property BEFORE submitting my offer. They choose the closing attorney. The seller will not permit special stipulations that will tie up the property.
There must be a way to get this property, but I can't see it. I'm hoping that someone with a bit more experience can help me out.
Thanks,
Andrea 
Simbajoy:
Many of the larger banks use their own addendum which they attach to the standard purchase contract and many won't accept an "and or assigns" type of language in the contract itself. If the contract doesnt contain a prohibition against assignment, I don't see why you couldn't assign the contract to another buyer.
Thanks for the reply!
I forgot to add it to my original post. The contract cannot be assigned at closing nor prior to closing.
andrea