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Forums » Wholesaling » wholesale a short sale

wholesale a short sale Subscribe to wholesale a short sale

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David Montgomery

Real Estate Investor · Tampa, Florida


Forum_avatar_avatar-dmonty

Jun 27 '10, 03:35 PM

any advice on how to wholesale a short sale? I have a property that is an approved short sale, is there a way to wholesale the property or get an assignment fee to a cash buyer? HELP......SOS!!!!


Mariah I.

Real Estate Investor · Reading, Massachusetts


Forum_avatar_avatar-investordiva

Jun 28 '10, 01:16 AM

Hello,

That is a great question.

Let me ask you a couple of things first:

Is the house under contract exclusively to you?
Has the bank approved or getting ready to approve your offer?
Is your original contract assignable?

If so you need only to draft an assignment of contract document and start marketing your deal. I'm sure you have a list of qualified buyers in your database that you can call or email blast.

Post it on this forum as well. There are some good people on this site.

Good Luck and congratulations on your deal!


Sam M.

Real Estate Investor · Kalispell, Montana


Forum_avatar_avatar-johnson013

Jun 28 '10, 02:02 AM

From everything I have read banks are not allowing assignments in short sale contracts. The only way to do it is to buy first then sell using a fully funded double closing.


David Montgomery

Real Estate Investor · Tampa, Florida


Forum_avatar_avatar-dmonty

Jun 28 '10, 02:05 AM

I have it under contract with me as the buyer.

The short sale amount is approved by the bank. I'm not sure if they will allow an assigment of contract, as a matter of fact they don't allow for assignments.

I want to make sure that the bank doesn't stop the deal from going thru with the assignment.

any options that you can think of is greatly appreciated.


Annie O'Sullivan

Real Estate Investor · Tampa, Florida


Forum_avatar_avatar-koolkixs

  • 1 post
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Jun 28 '10, 03:37 AM

David,

You will not be able to do an assignment. You can sell the property to a cash buyer though. Do you already have a cash buyer in place? If not, then you need to focus your time on finding your buyer. Short sale acceptance letters have deadlines.
Once you have a buyer, what you will need to do is use transactional funding. Since the bank will not let you assign your rights to purchase the property to someone else use the transactional funding to buy the property and then sell it to your cash buyer.
There are many companies offering transactional funding. The main difference are the fees. Locally, there is a company that charges less than 2%.
If you need more details call me, I'll be happy to help you out.

Edited: 06/28/2010 at 01:55PM by Administrator : Contact info must be contained in your signature


David Montgomery

Real Estate Investor · Tampa, Florida


Forum_avatar_avatar-dmonty

Jun 28 '10, 03:59 AM

Thanks Annie I apreciate the conversation so much.




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