I guess the subject is all I can say
From additional reading, I believe the answer to that is NO. So it looks like my best option is to go find iprivate money lenders. I know of a few at my REI club. I would like to be able to talk intelligent to them. Can someone go over an example deal and explain to me what I need to ask them?
That is not a true assumption that you can not wholesale a short sale. In fact it is done all the time. You must use a double closing to make the sale work. The bank that did the short sale just can not see that you have sold the property for more than what you bought it for. You will need to check with a lawyer to make sure you do the transaction correctly for your state.
Keith
ok question how come you cant sell the property for more than you bought it for?
You can wholesale a SS via double close as previously stated on this board. I’ve already done it. It’s one of the best exit strategies in my opinion for a SS. Negotiate a discount, sell at a discount.
rgchamb,
I’ve been trying to do the double closings lately on short sales, but I have found many lenders either have title seasoning issues or just flat out say that they will not do a double closing.
What’s your secret to finding these lenders?
Do you fully disclose that you are doing a double closing?
I have my attorney handle the closings docs and speak to the lenders as she owns her own title company. She does not have a problem, with the double closings and has done them before with others, but she hasn’t for a while…
As far as the SS lender, it’s none of their business where your $ come from, as long as they get paid. Besides, in the double close, you have buy from the Seller 1st.
However, the buyer’s financer may have the seasoning issues. That’s why my buyer’s list includes people who cash close or use a HML with no seasoning issues.