Financing for a 30 day wholesale deal
Not sure if this is a true wholesale deal. I have a short sale under contract which I recently got the sellers bank approval for. With the bank approval the bank is prohibiting the sale/transfer of the property for 30 days. I have a buyer in hand that I would like to sell the property to after the 30 days are up after initial short sale closing. How can I finance the purchase price of $215,000 and hold it for 30 days until I sell it to the prospective buyer? I will have a sales contract with the new buyer. Is there anything such as 30 day transcriptional funding? I am willing to pay for the money but it needs to be reasonable.
Most Popular Reply
You don't have to finance the deal. Buy it in a specific LLC for that property only and sell the LLC, not the property. That bypasses the banks requirements and it never shows up in any public records.