Wholesaling REO's

[N/A N/A]

Question for the experts...

If I want to wholesale an REO, do I have to have the financing in place first? I've heard in order to contract an REO you have to be pre-qualified? Doesn't this hinder the wholesale strategy....is wholesaling mainly for pre-foreclosures...help!

[Curt Davis]

Lets review a statement here " you can get a POF by doing a google search ". Heck, why dont we all just create our own POF using Microsoft Word? What you are speaking of is not a legitimate way to get a bank REO. What are you going t odo if you have no buyer or funds lined up to close? Are you going to walk away from the deal and loose your $1,000 in EM and burn a bridge with the bank selling agent?

Please people, if you dont have the cash or a private or hard money lender, do not even think about bank REO;s. These are better left to real investors who can pay cash and close. IF your not in that group stick to fsbo's and bird dogging. I know they say there is no such thing as a stupid question but for some reason this one keeps coming up.