On this podcast episode, I talk about wholesaling bank owned properties, short sales and foreclosures.
Most wholesalers market to motivated sellers and “assign” contracts using the assignment of contract method.
Assigning the contract has many advantages including, not having to lay out any cash, not needing to be present at the closing, and not having to pay any closing costs. Essentially your assignment fee is your profit if you are a wholesaler.
However, not all properties can be assigned. Assignment works great if you are “direct to seller” and the seller is a motivated seller.
But If you want to wholesale/flip a bank owned property, short sale or foreclosure then you are going to need to double close.
This means that you will first have to buy and pay for the property, and only then once you own it will you be able to turn around and resell it. The best way to do this is to “double close” on the same day. You need to use an investor friendly title company to help you facilitate this transaction.
Make sure you grab a copy of my best selling book “Wholesaling Bank Owned Properties” on my website at https:// www.lexlevinrad.com