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One of the earliest things every new investors gains an appreciation for is the fundamendal (and very easy) process of wholesaling a house by way of assigning a contract. And contrary to what you may have heard elsewhere, you can pretty much legally assign any property that you get under contract by default, even without the "and/or assigns" clause in the contract.
However, we all know one big, fat exception to this: REOs (bank-owned or foreclosed properties).
At some point in the dark ages, tsome bank executive or asset manager decided they didn't want you, the sleazy investor that you are, to actually quick-turn the property for a fast profit. At least not on the same day. Go figure.
So as a standard practice, REOs come out of the box with a "thou shalt not assign" clause tucked tidily into one of the contract addendums they require you to sign. Thanks a lot, bank gods.
Have you ever wondered if there's a way you can get around the non-assignment feature of REOs,…
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.