Couple Questions

[Robert Miller]

Ok,what I`m looking to do is buy REO`s with Transactional Funds,and flip them with a double closing.My questions are
can I market it without owning it?What`s to stop the buyer from buying it straight from the bank instead of from me?I`m also afraid of putting it under contract before having a buyer set,can I get a buyer under contract before I`m under contract with the bank?

Thanks

[Curt Davis]

Robert,

This post is exactly like the one you posted in another thread. You only need to post one time.

[Robert Miller]

Yea after I posted it the 1st time I noticed the REO discussion forum so I thought I might have posted in the wrong forum the 1st time.

[Marcus Mccray]

Robert, the hardest thing about these transactions will be securing the property or getting it under contract so get that part done first. Immediately after you have an indication from either the bank or the listing agent that your offer has been accepted market that baby like crazy. Just don't forget to put the proper disclosures and clauses in your purchase contract that will allow to do so as well as cover yourself legally. You may want to consult a real estate lawyer.

There are a number of ways to protect yourself. Going back to those clauses in your purchase contract and clouding title just to name a few. Also let your end buyers know up front its a wholesale deal and that you'll do everything in power to insure a smooth transaction. Hopefully you'll find a trustworthy buyer/investor who won't shaft you. If you're dealing with a listing agent and they are cool with the deal have them change the MLS listing to your selling price.

That is not the wisest thing to do because you might fall into the trap of being committed to getting that property under contract just because you have a buyer lined up. If you have to up your offer too much to get the property you'll have killed your deal before you've started.

You'll want to concentrate on getting the property under contract but on your terms so you can exit the deal if need be such as not being able to find a buyer. You can remedy this by networking with and gathering a list of active investors and motivated buyers that you can alert when you have a deal.

[Robert Miller]

Thanks Marcus,all very helpful info.

[Curt Davis]

Robert,

I hate to be that guy but what you want to do is very risky and almost impossible to do. Lets talk about this: You want to buy bank property without any of your own money using a bogus funding letter and then sell to a buyer but you dont have any buyers,....

You might be better off just trying to build a buyers list and then bringing your buyers to a real wholesale investor and get a commission. This will be the easiest thing for you and there is no risk to you which is what your looking for.

[Robert Miller]

Yea I`ve been trying to build a buyers list for awhile now,and I`m having almost no luck at all.Not sure if it`s the area I`m in or what,but I`m having a hard time finding buyers.

[Vikram C.]

You might also consider getting a hard money partner who is willing to fund your purchase in return for a share of the profits. If you do not have much experience, the funding partner is going to expect a fairly big share of the profits but you at least make something instead of 100% of nothing.