Posted by Trish on June 06, 2006 at 13:37:36:
Nicole, I am still new at this also. Trying to do the wholesaling thing to. You cannot assign(wholesale) bank owned properties for sure. I believe that you will not be able to wholesale a property that is financing with FHA. FHA requires that the owner/occupent is buying it and the bank will not acknowledge the ‘and/or assigns’ on the contract. Please don’t just take my word for it though. Get more verification. And if you learn anything more about it, I would be greatly appreciative for some info also. Preforeclosures seems to be a way to get to some good equity properties also. But it is a lot of people work; which you may be able to do since you are a realtor.