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Updated almost 7 years ago on . Most recent reply

User Stats

38
Posts
18
Votes
Olusola Abitogun
  • Perth Amboy, NJ
18
Votes |
38
Posts

Wholesaling banked owned House

Olusola Abitogun
  • Perth Amboy, NJ
Posted

Hi all...I am new here. 

I am looking at a banked Owned Property. 

Price Roughly $300K

ARV (Zillow) $600K

Fancy neighborhood. Huge House.

Repair: Seems cosmetic Works. livable now. 

I talked to the realtor. Works with investor and no down payment needed from me to make an offer. 

My next plan is to go and see the house. 

I don't have the experience to rehab. So I am looking to assign this to another investor immediately.

So what am I missing? and how will you go about this. 

Most Popular Reply

User Stats

22,059
Posts
14,127
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
14,127
Votes |
22,059
Posts
Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

The bank will also require you to use their title company, if you want them to pay for title insurance.  You can choose your own, but then they will refuse to pay for title insurance.  That further complicates your double close strategy.

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