Wholesaling a short sale property?

[Petra Walker-Jones]

Is it possible to wholesale a property via a shortsale?

[Bruce Wuollet]

Petra - I wholesale short sales from time to time. I simply do a double escrow with two title companies. The challenge, however, isn't with title or double escrows. The challenge we find are the deed restrictions and the contractual limitations that banks attach to the short sale approval letter. It is very important that you read and understand the short sale approval letter and that there would be no deed restrictions limiting immediate resale. The language and limitations very from "no resale within 60 days" to "no resale in excess of 120% of purchase price within 120 days" or similar restrictions.