Short Sale Networking

[Ronald Hunt]

I'm looking to network with someone who specializes in short sale transactions. I've recently started in real estate looking to do wholesale deals but most of the prospects I've come across need to be done using the short sale method.

[J Scott]

Originally posted by @Deneen Martin-Mason:

And will it be possible for me to use transactional funding to close the deal?

Are you looking to wholesale the deal? If so, it's very unlikely that you'll legally be able to do this...

Two reasons:

1. Most short sale lenders these days will insert a seasoning clause in their approval, meaning you'll have to wait 30, 60, 90 or 120 days to resell the property.

2. You'll likely have to sign an affidavit at closing that says you don't know of any other agreements relating to the property that haven't been disclosed to the lender. If you have a wholesale agreement with an end-buyer, you'll have to disclose this, and the lender will almost certainly reject the sale.

It's very, very, very difficult to wholesale a short sale legally...