Please help...
Hi guys!
I'm a little new to the game, and just trying to figure out the ins and outs of the process before fully committing myself.
I just wanna know exactly how one goes about getting paid for a short sale. I've read that an assignment clause is one way but I've also read, according to Thomas Lucier, that 99% of the time the lender won't accept them. I'm also aware of double closings/settlements but I'm wondering if closing costs will have to be paid twice and if you guys who've done it even see that as a problem?
On the flipside I've contacted a real estate expert named Judson Voss who told me that some banks don't like properties to be wholesaled at all so they won't allow anything except a realtor commission. He went on to say that others are ok with it being called a marketing fee, which is what he normally uses. He said that in general I should ask the bank and if the end buyer is getting financing I should ask their mortgage broker how it needs to read on the hud.
With all of that said , what do you guys typically do in order to wholesale your short sales and get paid at closing? Please include the details, if you can, of the hud-1 for the short sale package (how it reads) and the purchase contract (assignment clause or other). Any and all advice is greatly appreciated.
JB