Account Closed to assign an REO you can do one of two things.You could set up an LLC or Corp and contract in your company's name...when you find a buyer you would sell your Corp or LLC to your end buyer through a Corp resolution.OrYou could create a land trust which is fairly simple to create and contract with the land trust you created and simply relinquish your control of the trust to your end buyerAnd of course you could do a double close but either way you would have to have an LLC set up.

About a month ago, 60 Minutes did a story about the guy who created the GoPro camera.

There is some situation in their life that is creating motivation (health issues, financial problems, job loss, death in the family, divorce, etc.) that results in the desire to sell their house quickly for cash without making repairs...

The mortage or deed of trust is recorded and creates the offiical record of the encumberance on the property.

Since you brought this up, I think I'm going to work out a process for handling this - maybe create a change of move-in date form with an applicable service fee to cover additional admistrative costs.

Even if the seller has no equity in the home, couldn't the REI create equity for themselves via a wrap?

From there you can create a solid plan and then execute the plan.

Let me know if you want to get together for coffee some time to talk RE down south.I am working on creating an local REI specifically aimed at Canadians investing in US RE, so I'd like to connect some time soon and see if you have any interest.

Buyer gets deed from seller at closing.2) Wrap mortgage: A new mortgage is created between the buyer and the seller.

Ryan, I agree, I think the housing crisis created a lot of landlords who HAD to get into this business.