NEED HELP!! A live situation. Wholesaling a short sale

Good day all,

In searching for a property to rehab I have just come across a deal which I think makes a great wholesale opportunity. The property is a short sale but the ‘owner’ has a good relationship with his bank and has conveyed that an assignable contract is OK. I have worked out the numbers and there is a sizable equity spread for a more experienced buyer or end family ok with the ‘as is’ condition.

HOW specifically do I get paid in this case where a simple ‘assignment agreement’ or ‘option’ clearly will not work?? To protect myself, I am thinking to record the contract (file it on land records) once it has been executed with the seller (bank) but fuzzy on how to best present it to end buyers. (getting my name on the HUD w/o lenders having a problem with it, seasoning etc)


I think your best option is to do a silmutaneous closing5

have your buyers write up a contract “subject to seller obtaining title”. depending on your state you may need a real estate attorney, and i will make this disclaimer that I am not an attorney and you should consult one, don’t take my advice as fact. But it works :slight_smile:

I have not done this myself but I know that there is some new legislation that has passed that prevents doing back to back closings, or assigning shortsale deals, I vaguely remember talking to my title rep about it. Just something you may want to double check.

Thanks JasonG, but how does that help me with the procedure of getting paid? Regards