The properties on the lender's REO sites are almost always listed on the mls, and yes, you can wholesale these properties.Most of the banks will not let you assign your contract, though, so you have to find a way around that issue.I do a simultaneous close, where I use my buyer's funds to fund both transactions, so I do not have to bring a dime to the closing table. :)Steph

It's a simultaneous transaction - A to B, then B to C.

Pardon my shrewdness but you should learn how to do a short sale and simultaneous closing prior to trying to do a short sale and next time, go through the distressed homeowner and gather information there to work your short sale and then contact the Lender.

Simultaneously, you can also do your own BPO and have that submitted as well.

Can I use the Option Contract to purchase and then do a simultaneous close to do a "no money down" deal.

It makes it simple for short sales since they are also the title company.Desiree,Are you sure they weren't refering to simultaneous closings?

Certainly it's possible.Some additional thoughts:- You probably want a cash buyer who won't have issues dealing with a lender on this type of transactions (many lenders don't like double/simultaneous closes, regardless of how much/little the markup is);- This won't work with Fannie Mae REO properties, as FNMA will require title restrictions that limit a resale in the first 90 days to 15% over purchase price;- This won't work with FHA buyers due to the required 90 day seasoning period;- This may or may not work with buyers who are securing traditional financing, depending on the lender and their comfort with the deal;- Obviously, the property would also have to appraise for double the purchase price, and you might have a very difficult time getting an appraiser to determine that an REO is worth twice what was just paid for it without any renovation.

If you are not and are doing a flip, then you are not representing the buyer, you are representing yourself and selling your position to the buyer.It is getting very difficult to do a simultaneous close without revealing your purchase price.

Can anyone refer me to a Title co. you have used in Houston for a simultaneous closing?

Of course, the structure and the mechanics of the reverse exchange are a little more complex than the forward exchange but the basic conditions for a fully deferred, tax free exchange, that I outlined in my previous response, still apply to the reverse exchange and to the construction exchange.Only in the rare instance of a direct exchange (simultaneous exchange, or two party exchange), are the conditions just a little different.