need advise made offer on REO

[Sam T.]

I made an offer on a REO property. I want to use transactional funding. My problem is I'm sikeing myself out by thinking i'm missing this or forgetting that. I need advise from someone who has been through it not someone sending me links. I made the offer. so I'm waiting to hear back. do I get to choose the title comp? do I close with the bank at their location with the trans funds then close with my end buyer at my location. how does this all come together? will they give me the exact closing costs i'll need so I can get it from a transactional lender? whats the best trans lender?

[Jeff Coga]

^^^ Jon is 100% right...

Don't get too caught up in that offer. Not to discourage you but... your offer probably won't get accepted unless you made a real bond with the listing agent... OR they'll just ask for highest and best offer.

You have only a few ways to close an REO.

1- Jon is 100% correct - banks won't let you pick your title and/or escrow unless you want to pay for it... No biggie if the #'s pencil out.

2- How do you close it? Close phyically with cash via t-funding OR use the end buyers fund and "make them the bank"...

Meaning... use a short-form deed of trust assignment of rent and at closing turn the cash-offer into a finance offer.

3 - ADD a buyer and quit claim your name off... you better do this early on in the game...

4 - Buy it in a trust... and sell the beneficial interest... it is MUCH cleaner and you don't need transactional funding to eat into your profit.

good luck.