Posted by Robert on August 05, 2008 at 06:43:36:
I am not an agent. I have several potential buyers and other investors wanting to connect on one or more properties. I understand the assignable situation where it applies. The ? I have is in the case short sales and REO’s. If I offer to purchase the property from the seller(short)/lender(REO),
I need to have the appropriate cash to close each deal as a fall back. This limits my ability to move on properties because of the cash reserve needed for multiple in process deals. I have buyers and investors.
- How do I control the property? If I alone purchase the property, I will be potentially purchasing several properties in a period without knowing which ones will turn out, the money amount to budget and the hustle time I might lose should an investor drop out of the picture could become an issue.
- Do I purchase the property with the investor and what entity should we use? Lenders frown on assigning in the case of SS and REO’s.
I think the major issue with me is how to connect with a willing buyer/investor asap in the deal so that I can go on to the next as opposed to committing to purchasing properties and then having the buyer/investor come in.
Scenario - I find a property in REO or SS. Investor is available and willing to come in. Who or what makes the offer. Assignments and finders fees not an option.
Are contingencies clauses used in REO and SS?
Thanks,
Robert