Making Wholesale Offers on an REO, Knoxville, TN

[Benjamin Barredo]

Can you simply make an offer to the bank on an REO as a Wholesaler that is planning to flip the contract?

If you do, what contracts are used with the bank? Do they sign my Purchase and Sale agreement with all of my "out-clauses" or do they write their own? I am getting a lot of deals sent to me through an realtor friend's automatic emails and would like to try to make an offer on the bank owned REO's. Problem is I don't have the money to buy it if I end up not selling it.

[Mindy Jensen]

@Benjamin Barredo , I don't wholesale. Everything I've ever read from people who do say that you cannot wholesale an REO. You would have to double close. Check into transactional funding - but make sure the property can be resold quickly. You don't want to discover a 90-day FHA resale restriction after you close on your end...