I am learning a lot about short sales from 2 books that I bought and reading from lots of online short sale message boards/discussion groups. If I were able to successfully negotiate a short sale deal with the lender/loss mitigation and if the homeowner signed a purchase agreement with me, would I be allowed or would it be legal for me to sell my position to another real estate investor since I don’t have the funds/credit to purchase & rehab the house.
I guess I am asking can I wholesale a short sale deal OR can I assign it OR can I do a double or simultaneous closing. It occurred to me that this might work since my mentor has given me permission to tell people that we are business partners. Thanks in advance for your help.
Answer:
You actually have several questions here so let me address them one at a time.
No. You can’t assign a short sale. They will not approve it if the agreement reads AND/OR ASSIGNS.
Yes, You can perform a double or simultaneous closing. Happens all the time. However, you need proof of funds to do it. We offer no fee, transactional funding which will facilitate the A-B transaction between you and the bank. Then B-C, you and the end buyer. It’s works seamlessly.
Almost all states will allow you to do this, you just need to find the right title company. That is why you need to have a relationship with your title company so they can help you. Sometimes you have to follow their guidelines or rules in order to do a simultaneous or double closing. It is not a hard process at all, if your title company is willing to work with you.
Most of these questions that you have are explained in our short sale course. I’m sure you’ve seen it on the website. https://www.foreclosureuniversity.com/products
It’s step by step everything you need to do this successfully. It will be one of the best investments you ever make if you are serious about doing this.
I would like to know the quickest and easiest way to double close a short sale without aquiring a loan for my self on the subject property. I will understand everything you say to me. Just don’t leave any detail out. I am a realestate agent and I do loans and would like quit, To do Short Sales full time.
Thanks.
The quickest and easiest way is through transactional funding. This is not a typically loan. You are not using your credit to “qualify”. The deal qualifies you to “borrow” this money as sort of a bridge loan.
It’s also very inexpensive. No closing costs. No points. No nothing. Go here to check it out
Basically you need an end buyer, must be cash buyer. For step by step details, just talk to the title company. They will tell you exactly what you need and they facilitate the entire process. So your job is easy once you have the deal and end buyer lined up. Let the title company work their magic.