Assigning REO's?

This is sort of a bump but I have some questions in regards to this. So I have put in 5 offers today all on REO properties. In the event that one of these get accepted, I am trying to wholesale them. I have end buyers lined up, but am not sure of whether or not banks will do assignments or if I would have to do a double close. If I do a double closing, am I bringing my own funds to the closing as well, or just using the end buyers funds after the second closing.

You would need to double close and you can use a company that provides transactional funding, as long as you have a serious cash buyer in place. Your other option would be buying the property under a LLC, and then turning around and selling the LLC to the buyer.

you can also put your buyer on the contract with you and let him buy it and then use a quit claim deed to sign the house over to him for your fee after the closing . hope that helps

Also, is it possible to have $0 for earnest money? And if so, would that have to be in the offer before they accept it?

99.999% of banks will NOT accept an offer on one of their REOs without proof of funds and a copy of the earnest money check. Did you make written, signed offers through your realtor to the lender? Or were they verbal offers? Banks/lenders are firm in what they do and they KNOW why new investors do what they do. Put in professional written offers with POF and a copy of earnest money with each offer or you are wasting your time in my opinion.

Michael Mangham
MD Home Acquisitions LLC

The offers were written offers through my realtor. The realtor didn't ask for a POF or an earnest money check before the offers were sent out either. That is why I am here trying to get everything together. I also have my monthly REIC meeting tomorrow, and will definitely be asking questions there, especially if the bank on one home (its been on the market for over 2years) is one of the 0.001% of banks. This also brings up another question. Since I am literally broke, just got paid and had to pay bills, get gas and food, etc. Are there places that "lend" earnest money? Especially since I want to be taken seriously by my realtor on up to the banks that I offer to and build a good reputation. And a good reputations is harder to tarnish than having a bad reputation and making it good.

You don't need anything but a copy of your check to make the offer. When the lender accepts your offer you usually have 48 hours after you sign the accepted agreement to produce a real earnest money check. If you have buyers lined up have their earnest money check cover your earnest money check. Also, if an REO has been on the market for 2 years I would be leery and find out why. Usually way to high a price or structural, mold, or severe rehab issues.
The lender WILL be asking for POF so be ready.

Do you belong to CAREI in Colo.Spgs?

Michael Mangham
MD Home Acquisitions LLC

Thank you so much for the advice. I already have a POF so I am ready on that. I do not belong to CAREI, I belong to CSREIC here in Colo Springs. Looks like I'm going to be opening up with questions tomorrow.