Assigning/Wholesaling Bank REO's

I understand that if you purchase a REO with a LLC, you can sell the LLC to your buyer. But I'm confussed, we have purchased dozens & dozens REOs, & every bank wants POF, usually a bank statement or letter. So if the average person/LLC has no money or credit would transactional funding be the only way ? Also the EMD must also come out of the person's/LLC's bank; especially now when most REOs are requiring Wire Transfer of Funds from that account & are not accepting cashier's checks due to fraud.
As for banks being motivated, not so much as in the past, we've seen their BPOs been at market value & the house just sits there until it goes to auction.

Those are terms you will have to negotiate with your end buyer/investor. I've never heard about banks wanting wired funds directly from the llc account in my part of town but I supposed you can expalain to the end buyer and have them write 2 separate checks in your name- 1st check pays for home & closing and 2nd check buys your llc, simply put, the 2nd check is however much your assignment fee is which the end buyer will use to buy your llc and all the llc's assets (the house). Thats the best advice I could give you might want to ask a more seasoned investor just to be sure.

I am a seasoned investor, have done 66 buy, fix & flips ... 75% are REOs
& the last 23 purchases have been wire transfer only; it appears you have NOT purchased any REOs this year.

I have purchased and wholesaled 3 REO's thus far. The reason I say you should ask another investor is because laws vary state by state and i'm pretty sure your state has different stipulations than mine, sorry for the misunderstanding

Good Morning I'm looking to get back into the industry, and I was wondering if the assigning the llc is still in effect as of today and is this method of payment available in the state of Illinois ? If so I will love to get moving. Thanks

Hello,

I'm also just register in my state for an LLC, and starting to build my Buyers list and Sellers list...but I'm just not familiar with this

" Double closings, dry closings and"flash funding" - ??

What do they mean ?

Please help..

Thank you

-Simona

fingers too fast ...LOL

In reading this blog, I am still not sure: if you are assigning an REO, do they typically require YOU to provide POF with your initial offer to them? I am trying to figure out how to buy one (my first DG deal!) and won't have the POF (no funds). I know the end buyer will have to provide POF (cash) for my assignment fee but I am thinking of asking them for POF for all they want to do just in case. It will actually be a tear down/rebuild deal. Look forward to your response.

Timely info. Just joined a rei group headed by an REO Agent! Will ask for her input re procedures here in FL. I will be operating as a Wholesaler..with no $ or Credit. Assigning and selling LLC to end buyer seems o.k. Money wired from LLC account only to be determined. REO's are selling over market value..competition is fierce. Concerned this might not be the market I should be working in until I do a lot more research. Semper Fi D-LO

Hey KenReal I have only done a bird dog deal but have made hundreds of offers and messed up a few deals & burned through tons of agents and have learned that yes they banks want (anybody)wants pof except maybe fsbo's, which you can get for free at diff websites like bestransactionfunding.com & you cannot assign an REO the banks dont allow you too almost ever but you can sell your LLC I believe to someone while yiou have it under contract, thx.