Buying a REO from wholesaler - deed still in process

[James Noe]

Forgive me if this is in the wrong forum.

We are looking at a triplex that went through the bank and was bought as an REO from an out of state wholesaler. He said the deed is not in their name yet, it is still in process.

The plan was to get an agreement and under contract, when the deed is in their name, run a title search and make a call to buy or not.

With this scenario, what else should I do on my end to keep me covered?

thanks all!

[Jeff B.]

THINK again;  wholesalers always attempt to avoid being on title.  Their game is move title from the seller to you without becoming in the title chain.  When they can't get that to work, they either perform a double closing or have to punt as the don't have funds to take it for themselves.

Hope your funds are held by an escrow/title company.