This question is related to my previous question below. I read this article http://www.shortsaledeals.com/shortsaleexitstrategies.htm entitled Short Sale Exit Strategies: Exit Before You Enter. Is it true that one is not allowed to assign a short sale? This is the opposite of what I was told by a real estate broker here in NC. Someone please advise.
Sorry, but you won’t be able to assign a short sale. Why would a bank allow you to discount their mortgage balance, money owed to them, mainly because you’ve convinced them that the property is not worth what is owed, then allow you to assign the contract to someone for MORE $$$? Heck, banks won’t even allow you to assign the contract on their REO properties, so definitely not on a shortsale. I might reconsider my choice of RE agents.
Again, bringing in your previous post, the simple answer here is to do a double closing. This works fine if there is enough money to pay for 2 closing costs and still make a decent profit ($2-5K is pretty descent if you’re only holding for 30 minutes or less).
Hope it helps,