Is it possible to assign a short sale contract? Like if I wanted to do the direct mailing, knock on doors, and all that other business and I was able to negotiate a short sale with the bank would I be able to turn around and assign that deal to another investor for a fee? Or does the bank only negotiate with the principle in a short sale deal?
No, you cannot assign a shortsale purchase contract.
As a loss mitigator for a major bank with six years of experience, I can tell you they may give you a hard time, but it’s not impossible. Most banks take a while to get the approval anyway, so you coud say, “I only buy a few properties per month, and I wasn’t sure if you were going to accept my offer, so I found another deal in the meantime, and already spent our capital for the month, but I do have someone else who is interested in the property if you will agree to the shortsale at the same price.” If I were the loss mitigator in this situation, I would have no problem agreeing with this. Hell, I’ve already put all the work into the deal, I might as well get paid for it. Tip: By the way, most Loss Mitigator’s get a bonus on the deals they close.
To Your Success,