wholesaling with lenders involved is proving to be impossible
Hello all. im just going to describe my situation and i hope someone can advise.
I have a house under contract for 400k. i have a buyer willing to pay 430k. The this will be a primary residence for the buyer and he wanted to use a fanny loan. i have tried to do an assignment but the seller does not want to pay that out of pocket and the lender will not lend on the assignment. i have tried to do a double closing but the bank requires a seasoning period. i am now looking at trying to write in my fee to be paid by the seller in the settlement statement. does anyone have any experience with this? i am thinking of calling it a property management fee. I guess i would have to invoice the seller? has anyone ever taken a fee as a consultant, stager, etc? is there any other tactics i have not thought of?
Depending on the relationship and what you've disclosed to the end buyer, would it be possible to approach them in asking for a finders fee? or too risky?
I'm a Fannie loan originator. I've done exactly one "wholesale" deal where my borrower was a retail owner occupant, honestly it was mostly for ego - to "prove" that it could be done. It upset me that everyone said it was "impossible" when my reading of the guidelines said it was totally possible. And we did indeed do it, it closed, so my ego was satiated.
In retrospect, however, it wasn't worth the massive giant time suck. Your "C" buyer doesn't even know what "wholesaling" is, neither does their dad or sister or anyone else in their extended family - who all will be calling me to waste my time.
