How do you wholesale a foreclosure?

Question

What's up everybody!

So I've noticed that there are wholesalers who are wholesaling properties that are foreclosed. I assume that they have a relationship with the Realtor that's handling the property for the bank and get the info that way.

So if that is the case, can someone explain for me how the wholesaler gets their cut of the transaction? I figure if the bank knows that there is a wholesaler in the middle that they wouldn't allow the transaction.

(P.S- Still a freshman to investing so please excuse my not knowing)

Brian Jobson · Answer

Thanks. I'll check out that other forum posting as well.

Sunshine Johnston · Answer

Can you wholesale a property that has a trustee? is it best to not deal with the trustee? I just need some feedback on how these pre-forclosures work when it comes to a trustee

Brian Jobson · Answer

So far not really seeing the answer to my question. Just a lot of people saying what you should be doing.

JPaul Mills · Answer

like o said its not an easy process but here is a forum that I found very useful info on this topic http://www.biggerpockets.com/forums/41/topics/93662-wholesaling-foreclosures

Shawn Mcenteer · Answer

@JPaul Mills how long does this process take, will the property have to go through the standard foreclosure process? I am interested to learn more about this topic, if a blog post exist or you are willing to make one in the future let me know :)

JPaul Mills · Answer

Brian hey hey over in Miramar Bch. In Navarre Bch born and raised in FWB. What you can do is get a good realtor on your team to make the offered on REOs and Foreclosures. The bank will Joy allow you to do an assignment but you can do a double close/ simultaneous close. I'll send you a request and we can network with eachother

How do you wholesale a foreclosure?

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