A homeowner wants to quitdeed their property to me. Can I negotiate a deal to buy the short sale (from the bank) and flip the contract to another investor for a profit? Can this be done without any money or loan on my behalf?
How would you do the closing in Ga? I am also a real estate agent. Thanks for any help!!
Hi,
You can not be on the deed and buy the property as a short sale! In fact putting your name on the deed with an underlying loan in default can cause the mortgage lender to come after you for the short on a loan that fails, even though your not a signer on the loan you can still be found liable in court for the property for being on the deed!
You can prepare a short sale package, make full disclosure that your a real estate agent however your not representing the seller, but you could represent your self and pick up 2.5% buyers agency fee for your purchase side of the transaction!
You will have to have Transactional funding to close from the lender to you, and then close from you to your end buyer the next day! Just make sure the lender does not try to insert wording into the title papers prohibiting a re-sale for 30 or 60 days!
Your representing your self as buyer however it is a conflict of interests for any licensed agent to represent both seller and buyer when your the buyer, so if you don’t need to worry about a commission from the deal, you can just make full disclosure that your a licensed agent and do a private party purchase from the seller, you will need to make a short sale package and present it to each mortgage lender!
Good Luck,
GR
Thanks, I talked to an investor friendly attorney today and I found an easier way…really glad to have it solved…