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)
