I was just wondering if there’s an issue with 90 day seasoning when purchasing short sale properties. I plan on working short sales in order to wholesale them to other investors. I’ve been told that banks don’t like to see an assignable contract. If I’m to purchase the property myself will I be able to then wholesale it the day after closing or will I have to wait?
Good documentation of the deal is very important… proof of the short sale, an LOX with all the backup documentation works in most cases with lenders these days as well as a very tight appraisal.
You want extra comps and notes from the appraiser indicating that the value is there so the bank understands the reason you were able to purchase it at a discounted number.