I am trying to figure out how i can help people in pre-foreclosure by finding them a new buyer and in the process get paid something for my time. I am wondering if anyone has any suggestions as to how i might structure the scenario below to make something for my effort:
Lets say I find a realtor for a pre-foreclosure client, I then get them to list the property at 300k and we successfully attract a buyer at 300k, and then if i get the bank to accept a short sale for say 280k is there anyway i can collect that difference of 20k.
I have tried to negotiate the short sale in my name and then get the bank to allow me to do an assignment of contract to the new buyer but so far no one has gone for that. I did talk to a suppossed “short sale expert” the other day and he suggested doing something about a residential land trust but i didnt fully understand what he meant by it. Something to the effect of me becoming a trustee on the property and then doing a double close and i keep the difference between the amount the bank accepted on the short sale and the amount the new buyer is paying. Like i said i didnt fully understand but would like to if anyone knows more about this angle. Any input would be greatly appreciated.