All Forum Posts by: David M.

Just refer it out to an agent experienced with short sales and move on. At least this gives you a chance to build a relationship with local agents. You can track the progress and learn from it. If you try to take this on yourself, there will be a lot of time wasted where you can be out finding more deals.

Its about time!

http://www.azcentral.com/arizonarepublic/business/articles/2011/03/16/20110316biz-fbiraid0316.html

Sean, try reading the various blog's associated with the questions you have or strategy of investment you are learning. There is a ton of VERY informative articles, real life scenarios, and step by step instructions on various investment techniques, wholesaling included, written by BP members. Utilize the search, try "wholesaling" and you will be swamped with material to read.

Is it safe to say if you have the following stated in your contract:

"b]•SELLER hereby grants the Buyer and or their representatives all of the necessary rights to immediately list for sale, market, negotiate and enter into a contract to lease or sell immediately to a third party for a profit. All documentation in connection with the foregoing will be made available at the request of all Lenders, Sellers, and Buyers involved in the transaction.[/b]"

you can list the property in the MLS using a different agent other than the one used for the A-B sale while the short sale is being negotiated? I'm in a similar situation and it looks like we are close to approval per listing agent. I would like to have the end-buyer lined up asap.

Jonathan, thanks for the response. We do have the short sale approval. Can you elaborate on your strategy of:

"why not just take a contract on the property and tell them that they have 24hrs to make their money hard after the short sale approval."

Thanks.

We have a short sale tied up under contract taking vesting as a trustee of a trust, cash deal only. We're looking to assign the trust. We have a cash buyer to purchase this, but they do not want to pay any EMD or any part of the assignment fee upfront. Buyers dont want to pay any money until the deal is closed in their name. I suggested opening a neutral escrow to handle the assignment part of the deal and have them do a courtesy close. Buyers can wire the assignment fee to this escrow payable at closing, refunded if deal goes sour due to sellers fault, but non-refundable if buyers fail to perform. Buyers are still resistant. Any thoughts or solutions to the problem?

Ok, so what happens if an investor closes on an A-B BofA short sale with one title company, and opens up the B-C sale with another title company...Does the B-C lender or title company need to see the short sale approval letter? Does BofA cloud the title on the new pre-lim to show a lein or restriction of some sort stating this property cannot transfer title for 30days? How will BofA know if it is re-sold within 30days?

So will the memorandum showing up on pre-lim allow the C buyers lender to Underwrite the file since I now have an interest in the property?

Good to know Will, I'll view your website. So you provided the TF...

In reference to my above issue with C buyers lender not underwriting the loan until I'm on title or owner of record... will recording the option or memorandum with the county, show up on the pre-lim and give me the right to sell, so the loan can proceed?

Scott,
Excellent advice, I'll steer clear of the FHA buyer.

Will,
Thats good to know that it can and is being done here in CA. Are you able to refer the lender? I sent you a colleague request on a different note.

Thanks guys for the advice, I'm in search of lenders that are familiar doing these types of transactions.