Can you wholesale a short sale

[Leon Duncan]

can you wholesale a short sale, property?  The owner wants to quit claim it over to me.  To make it easy does that help anything?

[Larry Turowski]

Most banks will not allow you to assign a short sale.  The entity on the contract must be the entity that buys.  Additionally, many short sales have contractual limitation on when you can resell, so double closing is probably not an option.

What you CAN do, is "borrow" the funds from the end buyer, and write up something like a purchase option agreement that allows them to purchase the house from you when holding period is over (essentially eliminating the mortgage they hold, giving you your fee and transferring title) maybe with a power of attorney given to them to execute your side of the deal.  This is riskiy for the buyer, though, so there needs to be a lot of trust.

Alternately, you could form an LLC, secure the deal (you'll need to have an accepted offer and will need proof of funds) and then sell the LLC just prior to closing to the end buyer for your wholesale fee.