Updated over 16 years ago on . Most recent reply
HELP MY FIRST REO FLIP/DOUBLE CLOSE
Hi Guys,
I have everything set, the agent on my side, funding and everything. I have created a buyer's list and required verification for the cash to close the deal.
But I have a problem, I do not have this property under contract just yet going to make an offer in two days. Everyone wants the address, and I do understand but how do I ensure I do not get cut out of the deal?
Should I make an offer, wait for it to be accepted and sign the contract and then entertain offers? Its a big risk though.
What should I do? Any insight would be greatly appreciated.
Most Popular Reply
You do realize she is talking about bank owned properties (REO's) don't you? Making offers to banks and asking them to pay your closing costs? Good luck getting that and if you do, good luck getting a good enough price to be able to wholesale it, let alone retail it!
To answer your original question, never give out the address until you do have the contract locked up. You mentioned risk after that. There is no risk assumi=mg you have one contingency to get out in the case of not locating a buyer on your end. Making all cash offers with limited contingencies will get you better pricing, but you must have the buyers lined up prior, that is key.