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Updated almost 15 years ago on . Most recent reply

User Stats

23
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0
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Eric Blow
  • Real Estate Investor
  • Herndon, VA
0
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23
Posts

REO Wholesaling Question

Eric Blow
  • Real Estate Investor
  • Herndon, VA
Posted

Hi all,

So I am starting to put offers on REO properties. Since I cannot assign the property, I assume I need to play this deal a little tight. I plan on getting an offer on a contract and I have cash buyers ready to go. I am trying to figure out if I need hard money or not. I assume that the bank will ask for proof of funding. I don't have this myself, so how can I get the deal to go through? Do I need to use a hard money source and get a proof of funds from them? Is there a way to use my private buyers money to show proof of funds?

Is it even possible to get to a closing at my title company without having hard money or the cash to purchase for the flip 30 minutes later?

Thanks,
Eric

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