Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Does anyone have any recent experience wholesaling a REO and know if there are deed restrictions associated with them? I have heard that once you buy a REO, you need to wait 90-120 days before you either assign the contract or sell the property. Does it vary state to state? And what states do not have these restrictions?

Thanks!
Chris

I talked to a mortgage officer at a local bank yesterday afternoon. She informed me I needed to talk to an escrow officer at a title company to get information on laws in the state regarding legal means of transfer of ownership. When I spoke with the person at the title company, she informed me that for bank REO's I cannot assign, or do a double close because legally I am required to hold the property for 90 days before I can sell it to someone else. I do not remember this part from class, so I am a little sad as this was going to be my tactic for wholesales. Is the true everywhere? or just in Washington State.

A little bummed. Thought this was a great tactic, and now feeling a little deflated. Any help would be greatly appreciated

I live in a county that 4 out of 5 foreclosures are bought back by the bank. A lot of these house are currently sitting empty and don't have a for sale sign in the yard. My question is there a way to approach these REO's? If there is a way who do I get in touch with? How do I make offers on them and will banks allow you to make offers without a real estate agent? Please help me understand this. I am just starting and wanting to see if there is a way to wholesale these houses directly with the banks.

We had the closing for the sale of the property we bought from the homeowner calling our We Buy Houses car
sign. Then right after we purchased the neighbor's house that saw our signs & asked if we wanted their house. The great thing was that the money from the 1st
was applied to the 2nd; we only had to bring around 14K
to the table!

I found a great article that talks about some of the benefits that you get by purchasing a property that has an HOA associated with the property. There are many things that may make a deal worth getting. Especially when you look at it from the standpoint that you would be flipping it to a retail buyer. I got some great little nuggets from this article and I hope you do too.
Enjoy!

Pros and Cons of Living Within a Homeowners Association
By: Michele Lerner
Ask two different homeowners what they think about living in a community with a homeowners association and you may see one of them scowl and another one smile.

Hi DG family
I am interested to know more about HUD deals
thank you in advance

This is from a magnetic car sign lead - We previewed the property on 1/2; made the offer on 1/3;
they accepted on 1/3; signed the contract on 1/4; closed on 1/7; changed the locks & cleaned out the house on 1/8; finished the cleaning on 1/9; Put it up for sale on 1/10; showed it on 1/13 & sold it on 1/17.
Bought it for $ 31,000 & sold it for $ 38,500 ...
Not bad for 2.5 days of work!
Closing on the house next to it on Tuesday, the owner saw our magnetic car signs when we were signing the contract on his neighbor's house.
Might have this sold already...
2014 is starting off with a bang!!!

Thanks, Gary & Jill

I have a hardworking family that asked me if I can help them in this situation.i am doing all I can for them but want all your opinions on this matter. I told them how this dg family will give all they they know and all they learned.
I am just gathering information from them and will get back to them when I get a multiple of input from what I know and everything I learn here.
The info I have at present time is the bank wants to take back their house in foreclosure. The house was appraised last year for 64,000. They owe 59,000. They are behind 10,000.
What would you tell them????

Besides bandit signs and craigslist, what have you experienced investors found personally to be the best ways to find FSBOs?

Hello

Do you know where I can find a non-disclosure agreement?

Thank you