Question On REO's & Double Closings

Question On REO's & Double Closings

If I'm working with a Real Estate Agent and want to pass his bank owned property off to another investor.
what would be the paperwork, and who would sign it?

I know I have to do a double close but, would I still be using the:

- Investor Disclosure notice
- property disclosure notice
- Discharge of agreement to purchase statement

and if so who would be signing these documents, would it be the asset manager at the bank?



That depends....

We have done a double close on an REO before. We did a real estate purchase agreement that the bank wanted to use (for us and the bank) and then a basic contract for the end sale (us and the end buyer). Then we sent both documents to the title company. They handled the rest.

Any disclosure that the bank requires it is fine for you to sign. If you are then selling it to an end buyer you can have them sign a different one also. The great thing about a double close is you do not need to disclose any information from the end seller to the bank or the bank to the end seller, ie price, etc.

The best thing is check things with the title company or if you are in an Attorney state run it by your attorney. As for who signs for that bank that really isn't your concern as long as they are willing to sell.

Good luck and keep us posted!


Chip & Andrea Weule
AC Investment Group, Inc.