Ritt

Can assignments be done with REO's or do real estate brokers and the banks both frown upon it and say they can't or won't do them? Has anyone out there done an assignment on an REO and can it be done? Please advise. Thanks

I cut out an auction notice from sunday's paper. It was for today (tuesday). My goal was to network and build up a buyers list for my assignment business. I got bold and went up to a number of people there to bid on this property. I got names,cell numbers, email addresses and business cards and discussed with them what they were looking for, what areas etc. in the little time I had to "work the crowd". This property was too high and went back to the bank as an REO. Unfortunately banks don't like assignment deals for REO properties. As it turned out there was another auction about a mile away in another part of town that I wasn't aware of so I followed one of the investors over to that site where I met some other investors and did some more networking and info gathering. All in all I ended up with about eight new investor profiles plus an attorney who does assignment deals for about an hour of networking. Not bad. I think that it is even more productive than REIA meetings. I have since logged on to this auctioner's website to find out dates and info on future auctions to attend so I can network even more and build up my buyers list for future motivated sellers/FSBO's et.al.

I met a person at an auction who bought a property from a bank. I wanted to get them on my buyers list but they reversed the roles asking me if I would sell that property for them as their current buyers was tapped out. I think I may have a buyer but I'm not sure about getting my finders fee. I'm a broker and I like detail and signatures to make things legal. This person said that they won't sign anything but will pay me anything over what they want to get on the resale. What proof do I have that they said this and that they will in fact pay me since nothing is in writing? I'm nervous about presenting my buyer to them, having them purchase the property and then not getting paid as nothing is in writing. They told me that in wholesaling it's done that way and I must be "green". Do I take a chance or take my buyer to another deal? Any suggestions?