REO wholesaling

[Ramon Pena Alvarado]

Hello
When making an offer on a REO with the intention of wholesaling, is the ernest money check ever cashed and is the time alloted for your sale to another investor the 21 days till your inspection? After the inspection date I believe you are obligated to purchase the property. ( Or could lose your EM ).
Im sure the 21 days is totally sufficient if the property is a WINNER.
If your intent is to go ahead with the purchase how do you get around the inspection fee...another words do investors as a regular practice PAY an inspector to inspect the property even though its not really yours yet ...and may never be??
Straighten me out please...Thanks... :cool:
Ray

[Phil *]

You CAN wholesale an REO property. You CAN NOT assign an REO contract. You would have to double close or sell your rights to the LLC.