can you wholesale a SS

Can you assign a SS? If so how.


As long as you have your approval letter just asign your purchase sales agreement to your new buyer for what ever you want out the deal.

If you assign the purchase sales agreemnt to your new buyer, don’t they have to qualify for a loan first. If going conventional 30 days; HML-10 days? Doesn’t the bank want their money fast?

I thought banks dont let you assign Shortsales. So you saying is get apreapproval letter from HML and when the ss is approved just assign the sale contract?

good lord listen to yourself.

slow down.

get the short sale approved, you have taken it in a trust, assign contract to your buyer, you get paid . if he doesnt close thats his problem. you got you rmoney.

I thought i wouldnt get paid until the property closes? After a short sale is approved how long does the bank gives to come up with the funds?

i’m also confused. GreenQueen, can i ask you if we can put it into perspective.
let’s say balance 500,000; and you negotiate a shortsale for 400,000
you have a buyer, and assign contract for 450,000; you make 50,000
now, i dont think you will see your 50,000 until the new buyer qualifies
for a loan for 450,000. Pls clarify, because I don’t know how an assignment works.
i’m just trying to put it into very simple terms.
QueenGreen, I’m as green as it comes, would you pls explain in basic terms.

that why you have buyer with cash or have fianacing already. When i wholesale my contracts, my buyers have cash. Most of my buyers are cash buyers. 2 of my buyers said they have up to 700k in cash. Try and find some cash buyers. I just dont know how to assign SS really

10 out of 10 mr investor.

Cash buyers are everywhere, if they want the house then it is up to them to get the cash in position.

You just make it clear than your funds are at th etime of transfer of the approval.

as for assignment.

when you take the property in the landtrust either you or your entity is the trustee, which means on the Purchase & sales contract, you or your entity will be the buyer.

You can now resign as trustee and instate the new trustee( your buyer ) or just assign the contract to them. To assign a contract you fill out a form which states you asign to ( who ever ) for the sum of ( what ever ) an approval letter and contract for real property located at …

you get it now.


Now you are an expert on land trusts? ;D ;D

“when you take the property in the landtrust either you or your entity is the trustee”, WRONG!

If a trustee is also a beneficiary, a merger of title is created (see Doctrine of Merger), invalidating the trust if challenged in court as being a bona fide land trust.

An individual would most likely never be bondable as a trustee and would likely not have the resources to provide a completely separate, free and bonded collection and bill-paying service.

An individual would not be seen by the courts as a standard trustee, charging fees “commensurate with industry standards”: therefore severely impairing the integrity and structure of the land trust.

One’s own personal appointment would not be seen by a 2nd or 3rd co-beneficiary as a mutually trustworthy holding entity. Such likely bias obviously would not be in the best interests of any of the co-beneficiaries.

Your advice is WRONG, WRONG, WRONG! and dangerous to the poster.

Da Wiz

Ok Wiz another personal attack…butt thats ok.

I don’t see where on the thread where I mentioned the trustee and the beneficiary being the same, can you point that out for me… just incase missed it some where… oh thats right it’s not there… time you got off the soap box my friend…of course if they were the same it would throw a red flag.
That is why you have an assignment of beneficial interest form.
So the grantors of the trust ( the debtor) can assign the interest over to you, your entity, your grand mother, who ever you like… as long as it is different from the trustee.
You are actually better setting up to corps so on entity can be trustee and the other can be beneficial interest.

Have a grat day everyone… that includes you too Wiz.

Wrong again. This was not a personal attack, it was a critique of your advice, that in my opinion, was deficient. No, you didn’t mention the fact that the trustee and the beneficiary were the same, but if it is the man’s trust and he set it up, he is automatically the beneficiary until he assigns an interest.

Then you said, “you are better off setting up a corporation as trustee”. WRONG!

USING ONE’S OWN CORPORATION would create a merger of title, invalidating the trust, should it be challenged in court as not being a bona fide land trust (see N.C. A.G.O. vs Russell and Dianne Barberio 2005)

A privately or closely held corporation would not charge legitimate fees and therefore would not likely be seen by the courts as a bona fide holding company, whose business it is to hold titles in trusts and charge fees commensurate with industry standards.

One’s own corporation would not be seen by a co-beneficiary as a mutually trustworthy, and wholly unbiased third-party holding (“escrow”) entity. Such a bias would not be in the best interests of co-beneficiaries. As well, using one’s own business entity would create a merger of title invalidating the land trust model.

greenqueen. I know you are excited about the training you are receiving, but it is very important that the advice you give is accurate. Now, here’s how to do a flip, direct from a Realtor/Investor who is also a lender:

Using a Land Trust to “Flip” a property is a very simple thing. As a Mortgage Banker I have had not one problem with Lenders or Underwriters. Seller places property into Trust and Assigns a Beneficial Interest in the Trust to both you and the new buyer. The Buyer now, other Investor Beneficiary, has the 1st right to purchase at Full Fair Market Value based on the appraisal they will order when applying for their financing. If it is a Non-Owner Investment Loan then the Buyer gets to finance the property based on the Full FMV not the discount Purchase Price, thereby allowing an Investor to accomplish the same as a Cash Out Refi.


The Investor / Buyer gets a check at termination for their Equitable Interest in the Trust which happens to be the difference between what all other Beneficiaries are being paid, the balance of the existing loans and the FMV. Most times it even puts several thousand dollars into the pocket of the Investor and still leaves equity in the property.

We’ve done several dozen just like it without a hitch other than appraisals coming in too low. But thats not our problem." That’s how to flip it.

For a true short sale, there are better options. For instance,
If you were faced with credit destruction, a 1099 for thousands of dollars in tax on Debt-Relief, which will demand,say, $25,000 out of your pocket…in this tax year; and ultimately walking away with nothing—all of which happens in a short sale–would you be interested in my following offer to you instead?

Rather than the thousands due for tax on Debt-Relief, pay me, say $8,500 up front (or in two payments, ten payments, or spread over the term of the agreement), and I’ll take over your loan payments and all management and maintenance responsiblities…and…I’ll also give you back your $8,500 and all of your existing equity at the termination of our agreement seven years from now.

In the meantime your loan will be brought current; I’ll restore your credit with the lender; you’ll have no payments, management, maintenance, repairs, property tax or upkeep; and you haven’t lost a dime. I’ll make my money from my RB up-front; use of your $8,500; cash-flow from my RB; equity build-up from mortgage principal reduction; and hoped-for (but never guranteed) appreciation over the term of the agreement.

You have just received some FREE education – a unique experience I am certain. Good luck to you and have a nice day.

Da Wiz

oh Wiz, you seem so bitter for a man that supposes to ouse kindness, maybe you do business that you worry about law suits, I don’t.
I cover my butt well and I don’t have any problems with underwriters or closings, the way I do them.

If you have half a brain you would have 2 companies anyway, they don’t need to be all yours, you can have anyone on the company and I do understand that if they both are the same then it can cause problems.

Do you think Donald Trump has this problem, if it is two different compaines it cant be merged !!!
have a wonderful unbitter day.

Let me just clear somethings up. You can not assign a short sale without the consent of the lender. More than likely they don’t want you to assign the contract anyway, since they are accepting the discount.

By you getting money at the closing via the hud-1, they will feel like they left money on the table. When they accept the short sale, they feel like that is how much the property is worth.

So to avoid this problem you have to do a double closing. Meaning use your buyers funds to close the deal with you (investor), homeowner and the bank. Then on the second hud-1 in the second closing, is where you can show your profits.

Because before the short sale can close the lender will look at the hud-1 and if they see you making money, they may not accept the funds.

You can’t do an assignment on a ss because you come up on a HUD as a fee/profit and the bank doesn’t want to see you profit if they take a loss.

yes, just like assigning a contract.

so doing a double close would double the cost correct. for example
close with the lender for 100k then close with the investor 107k

100k closing cost 3187
107k closing cost 3471

so you would be paying 6658

Not necessarily…what you would do is assign it to your buyer/investor for a “commission” or fee at closing. That way, he closes it and you get your fee. Just one closing.

Try to talk to your title company BEFORE this comes up and say that because my buyer is ultimately purchasiing the house, can you pass the majority of costs onto him? Some cases they will say yes.
Its the only option you have.