Can you wholesale a Shortsale?

[Sardar Mustafa Khan]

This owner is underwater and said she’ll take it for the price I offered what’s next? What do I need from this seller?

[Lydia R.]

@Sardar Mustafa Khan A couple things to consider regarding short sales:

1. If you are doing a short sale, the sales price is not up to the seller its up to the bank. There is no guarantee that the bank will agree to the short sale.

2. Seller is going to need to hire an agent because the bank is going to want to see the property listed on the open market for a specific period of time.

3. Its very difficult to wholesale a short sale. If you go under contract in your name (or your entity’s name) then that is the entity that must purchase the property. The bank will also most likely put deed restrictions on the property, such as buyer cannot resell property for 60 days after purchase, buyer may not resell property for more than they bought it for without notifying the bank etc.

A more experienced investor would consider a subject to if the numbers make sense.