How to wholesale a shortsale property

2 Replies

Hey Bp family. I currently working out a deal with a seller. Come to find out she's trying to help the actual owner sell the property. So the woman trying to sell the property (not the actual owner) and I decided to Jv the deal. She told me the bank wants to do a short sale. How do we go about this? We both tend to wholesale the property and split the earning. Really hope this was transparent. Thanks 

Short sales are complex and typically drawn out time wise. I can't imagine that trying to add a contract assignment into the mix would be a good idea. I'd put your efforts to a different project.

It wouldn't be the bank "wanting" to do a short sale. A short sale would be that the seller "needs" to do a short sale as they owe more on the house than what it is worth. Typical assignee language is not prohibited for almost all servicers. I'd be careful trying to wholesale someones house who needs to do a short sale or who is in a foreclosure.