BiggerPockets

BiggerPockets.com — Nov 21, 2008 — We have now introduced our newest program that provides you Private Funds to use for Flipping A-B Short Sale Transactions. You can negotiate a short sale with a profit spread and then line up a pre-approved buyer who has agreed to purchase the home. Then our Investor can provide the Proof of Funds letter and the Cash to buy the short sale from the Bank. You then flip the property to your pre-approved buyer and keep the profit. No Credit needed, just have a pre-approved buyer ready to make the final purchase.

The cost to use the funds to buy the short sale property is 1% plus a $300 flat fee which is paid from your profits at closing. Buy a home worth $200,000 in a short sale for $100,000 and resale for $150,000. You keep $50,000 minus 1% ($1,000+$300 flat fee).

The 1% Short Sale Program requires that your buyer obtain their own bank financing. This is different from our Joint Venture Program where the buyer is offered Owner Financing and the 1st lien note is sold at closing for Cash. This program is available to Platinum members only.