Wholesaling Foreclosures.

[George Frye]

I have seen several topics on foreclosures. However I havent seen a answer that made sense to me. I have 6 homes that have been reo listed for atleast a year. What steps should I take in order to:
1. Get the market value of these homes
2. Decide how to make the best offer
3. Wholesale these properties to my cash buyers

I really hope someone can help me.

[Chris Martin]

Two things.... first, these are not 'foreclosures', they are Bank REO. The foreclosure happened, potentially, years ago if these have been on the market for a year. Second, some REO sales have deed restrictions that effectively eliminate the opportunity for a 'wholesale' deal. I don't know of any bank that allows assignment either. So getting a place under contract, then selling or assigning your contract would be difficult. One creative answer is to get the contract in the name of a newly minted LLC, then sell the interest in the LLC to your cash buyer. If the stars all align, you may get it to work.

It would be a lot easier if you had your brokers license and could just get a commission....