Bulk REO 2 be!

Not sure if I understand the situation all the way. I'm not a wholesaler / assignment person (I'm "buy-hold-rent"), but my understanding is that the standard P&S agreement and an addendum stating you're assigning it will suffice. My attorney even told me in the past that all contracts are assignable unless it states otherwise, but it's always best to spell out your intentions.

If you're looking for more details on how to lock up properties and collect your fee, there's a wealth of postings on the subject here.

If that is the approach you're taking, I would be very surprised a bulk REO manager would allow it, because 99.9% of the time they don't. There are ways around it, like buying through a LLC and selling your LLC.

Hope that helps and good luck!

- Tom

Ok...I just double checked the deal and its not an REO but its a bulk package ...seller brought it to me....through a wholesaler...i have a partner that has a buyer..

that might help?

Hi Bandit1,

So questions to ask:

1. Does buyer want all properties in the bulk package?
2. Will seller allow buyer to only buy the properties they want or is he requiring buyer to buy all the properties in this package?

This will help your buyer decided what they wants to do. I would put a bird dog agreement in place with buyer and seller to get a fee. I would then put partnership agreement in place between the two of you wholesalers to know how to split fees. The bird dog agreement would be easier to get signed by both buyer and seller vs. NDA, then fee agreement, a bird dog agreement can serve as both. I am assuming this deal is large and will be difficult for you to do a AoC on it or double close because of how much earnest money will be required in these kinds of deals. Try this and see if it works.

Good Luck,
Shah

He is actually wanting to buy the entire package...