Wholesaling to a Retail buyer
I'm in Utah and trying to wholesale a 4plex to a retail buyer who needs to buy the property with a loan. I have it under contract with me as the trustee. Where I'm running into trouble is the bank (this is a short sale) won't let me assign the contract. This creates an issue for the end buyer as they aren't on the REPC and can't get approved for financing.
How do you do this deal?
Most Popular Reply
No such thing as wholesaling to a retail buyer, you are either wholesaling, or retailing.
In wholesaling, you need to have cash buyers, particularly with REO/short sale deals.
Since your end buyer is getting financing, you have only one option in my book under the current circumstances:
Double close which means you will be coming to the table with funds to close your purchase from seller (short sale) and have a second escrow opened with your end buyer. That purchase contract will have language that the sale is contingent upon seller obtaining title to property.
Adding a buyer to the contract, then quit claiming will liklely not work with the end buyer's lender and I persoanlly do not take any titles with quit claims (personal choice)