Wholesaling Short Sales - Will bank allow
I have a short sale that came across my desk that I have started to work on for the sellers. I've wholesaled in the past, but not a short sale. Does the bank allow this? The servicer is Mr. Cooper - formerly Nationstar Mortgage.
Has anybody done this before ?
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Just for clarity purposes, assigning the contract is only one of many ways to wholesale a transaction. That said, the others above are correct in that the lender will not allow any assignment of contract in a short sale transaction so to “wholesale” it, you will need to be the buyer, take title, then resale it. After going through all that, I doubt you will have enough room to make a wholesale profit and still have your end buyer have room for profit.
Second, without a license from the department of real estate, there are many ways to break the law in attempting to wholesale so be careful and be sure to follow the state rules in which you intend to wholesale.