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Dan,
The banks will frown on an offer with an and/or assigns clause. some wil not accept an offer it that is on the contract.
It’s better to state that this purchase will be part of a 1031 exchange.
This actually puts you in a stronger position because the REO will know the money ( or at least part of it) is ready to go and held in escrow by a 3rd party.
I am selling a property and want to do a 1031 exchange. In our area there are tons of REOs, som,I wanted to pick up a couple of them. In my offer to the bank, I could put “and/or assigns” to allow the assignment to the exchange intermediary, but I have heard that the banks will not allow any assignments. Has anyone run into this, and have you worked around it any way?
– dan
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