How To Put A Bank Owned MLS Listing Under Contract With No Money of your own.

Heres What you do

1. Find A Piece Of Property REO, Bank Owned ect ect .
2. Find A End Buyer ( Required )
3. Make sure you have A Escrow company & A Transactional Funding Company

* Close with the Bank using Transactional Day Funding , & then Close With your End Buyer also Using Transactional Day Funding .

* Also Most Banks won't allow A Assignment Claude so You Close with the Bank & Then Re-sell Your property over to Your End-Buyer Instead of using A Assignment Claude .

Also Don't forget about Earnest Cash As well while you put in For your Offer , Offer A Earnest Cash Deposit this can be any were from $500 to $1,000 .

at least this is what Most of Us are Doing .

Step 1 * Make sure you get A POF Letter & A Copy Of A Written check Made In the Amount Of your Offer & written to Your or their Escrow Company .

Step 2 * If you meet In person Make sure you have The Contracts they've sent you Signed & ready With your check For Down payment

Are a good way to go also, at least from what I heard, but what are the exact steps in doing this especially with REO's? I've been told before but I think it would benefit all if someone could lay those steps out it would be greatly appreciated!

You know I'm thinking about Buying A LLC to Purchase Real Estate but have yet to get there.

Actually you use the end buyers money when you close with the end buyer (B to C). You use your TF for the A to B transaction only.

Michael Mangham
MD home Acquisitions LLC

You will have to put up earnest money if the bank accepts your offer, so have your buyers money ready or you will have to cover the earnest money yourself. 99.99% of banks will not accept an offer like earnest due at closing, that is old school and rarely if ever works with banks. REO offers require you have all you ducks in a row these days. The banks are wising up to the LLC purchase also. I have had a couple that required my offer in my name, not my LLC. They said I could put it in an LLC after the purchase.
It is way easier to make offers directly to unlisted homeowners in distress or very motivated ones. Then you can offer as little as $10 in earnest money.

Good Luck!
Michael Mangham
MD Home Acquisitions LLC