Buying a Pre Foreclosure

[Chris Harper]

I have a client that has found a seller in preforeclosure in a property that is upside down. My client has asked me to list the property and submit their offer at the same time. Can my client submit an offer as an llc and assign the contract?

He has a pof from a hard money lender, but the offer is supposed to be cash, which is why I think hed like to assign it.

[Odie Ayaga]

This sounds like a short sale in which case that sounds like the first hurdle to climb. Getting approval from the lien holders is tough enough, but if it's a regular bank they may not make it feasible to assign the contract.

[Maryann L.]

If this is a short sale, you can very RARELY assign a contract.  Also, if you are listing the property typically you are representing the seller so be careful who you represent.

[Ron S.]

No one is going to let anyone assign a contract in a short sale.

[Phil Z.]

Don't bother trying to assign a short sale contract. It can be a lengthy process getting a name change after approval, and the 'wholesale fee' will probably be under-the-table since it can't be on the Closing Statement.  Knowingly working with a wholesaler when your the Listing Agent is not a good idea.