If you’re planning on wholesaling REOs or short sales, 99% of the time the banks will not allow you to assign your contract to your end buyer. Instead, you must actually close on the property yourself, and then sell the property to your end buyer via a separate transaction.
While this may seem like a huge obstacle if you don’t have the cash available to bring to closing, there is actually a pretty simple solution to getting the funds you need to close your deal. That solution is transactional funding.
Transactional lenders will loan you the cash for the entire purchase amount (including closing costs), so you don’t have to bring a penny of your own cash to closing! In addition to that- transactional lenders can also provide you with a proof of funds letter that you can use when making offers on bank owned properties!
There are no credit checks or income verification required to use transactional funding- the only stipulation is that you must have an end buyer lined up to purchase the deal from you immediately after you purchase the property from the bank.
If you’re looking for a reliable transactional lender to fund your REO and short sale wholesale deals, or if you just need a proof of funds letter to submit with your offers, head on over to FundThisWholesaler.net by clicking the banner below: