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for responding. I don't know either. Your response makes sense to me, that's more than likely what is happening. I was hoping someone that is currently doing the bulk purchases could confirm your theory, thanks again.

Please correct me if I'm wrong. I see many posts in my short time on this forum and alot of them are from people buying REO's in bulk. How do these investors check the condition of 100 million dollars worth of properties which may even be in different states?

Isn't the condition of the property important in bulk buying?

or do they not care since they are probably going to sell them off to rehabbers ETC..

Even before I got involved with the idea of investing in real estate for a living I've always looked at the home I was buying. So what if any is the difference?

Thanks.

Great info, I am very greatful to all that took the time to explain and post responses.

thanks.

I guess the bottom line is each is done on a case by case situation, state by state and lender by lender.

This is why I was asking. I have a contract on a property that I'm getting directly from a bank. It was foreclosed, I'm buying it at $530.000, and the appraisal came in at $800,000. :badwords:
I knew it was a good deal but not that good.
I got a hook up with a friend who knows someone at the bank etc...
I couldn't get any luckier

I was on the front lawn of the property just looking around to see what I was going to attack 1st as far as remodeling for rental or resale. It’s in very good shape to begin with but you can always make it more attractive to buyers. :wink:

I have this couple walk up and ask if I'm the owner and I said not exactly, I'm in the middle of buying it. They tell me how much they love the neihborhood yada, yada, yada :violin: . I'm so lucky to get it they have been looking in the area, never saw it for sale. :violin:

I said I wasn't planning on living in it, they asked would I sell it, and how much.

Yes, 725,000.

We will buy it.

Yes I know I'm lucky as shizzo!! :shock: :D :mrgreen:
I can't take a contract because I don't own it and I hate to lose them to another home that pops up for slightly lower price. That is why I was asking.

Thanks for the info guys.

I have no clue what "assign your contract means" in real estate terms means.
Can someone explain how you pull this off, sounds like a great idea. I particullarly like the saving the closing cost part. :mrgreen:

How long after a property is bought can you resell it?

I think it can be done the day after closing.

{IE} I buy it today I happen to have a buyer lined up he puts a contract on the property the next day and I can sell it when his bank approves the loan.

Highly unlikely but if its a cash buy as soon as I close, I can resell it?

Just curious since most of these TV show show people buying and selling supposedly within 30 days.

I know typically when you close on a house you have 30- 60 days, depending on what day in the month you close, before your 1st payment is due.

So what if you get lucky and sell it 2 weeks after you bought it? I'm assuming you don't have to wait till you get your 1st payment to resell it.

any help would be greatfully appreciated, thanks. :roll:

Or anybody else who happens to know the answer to this question. How long after a property is bought can you resell it?

I think it can be done the day after closing.

{IE} I buy it today I happen to have a buyer lined up he puts a contract on the property the next day and I can sell it when his bank approves the loan.

Highly unlikely but if its a cash buy as soon as I close, I can resell it?

Just curious since most of these TV show show people buying and selling supposedly within 30 days.

I know typically when you close on a house you have 30- 60 days, depending on what day in the month you close, before your 1st payment is due.

So what if you get lucky and sell it 2 weeks after you bought it? I'm assuming you don't have to wait till you get your 1st payment to resell it.

any help would be greatfully appreciated, thanks. :mrgreen:

I have seen some posts where people quote a 1% per month return on rentals or something like that. If you are a flipper or rehabber, at what point do you decide well maybe this property is better suited for flip, rental, or simply abandon ship!

Is there a % that you look for from the purchase price to decide.

Thanks :D :roll:

I have my home loans with quicken and so does 1 of my co-workers and we are both satisfied with their loans to date. :mrgreen:

I live in Maryland, I don't know if it is a non-judicial state or not. The rest of your responce makes sense. I'm not sure how reliable a preliminary title report from a realtor is but its worth looking into.

I'll defenitely check into the county records office and see if I can make heads or tails out of it, if not I figure I can always grease someone's hand their to explain it to me. :green:
:lol:
thanks again.