Wholesaling REOs?

[Account Closed]

Hello biggerpockets members! I may have a silly question but I am intersted in wholesaling REOs and there are a few properties that I found online. My question is how do I go about calling the lender? I understand that I can simply mail them a letter, but if I want to actually speak to someone? Can someone please lead me in the right direction? Also is there a special clause that I need to put in the contract if Im planning on assigning it to another buyer? Any feedback will be greatly appreciated. Happy investing to all :-)

[Domonique Hudson]

Hi Flaure,

I actually think wholesaling Reo's are a great way to begin wholesaling. No bank is going to allow you to assign a contract you have with them, and most hud homes have a seasoning rule that won't allow you do do a double close. What most wholesalers are doing is submitting contracts by using a Land Trust. Do some research on wholesaling using a land trust, and if you can get a reo at a good price you've found a gold mine because some people just don't do the education....Good luck!!!!