Hi all. I’m interested in doing short sales but haven’t gained enough knowledge to get started. Where I live, there is a legal publication that list foreclosures on a weekly basis. Unfortunately, they usually conduct the auction on the listed properties 30 days later. If a short sale is successful, I would like to market the property to investors. Are there any techiques where I can sell the property to investors that require hard-money or lines of credit in the above stated time frame without any out-of-pocket money? Is there any way to structure a contract that would leave an “out” if I can’t close?
It sounds like you want to bird dog. Checkout that forum. You find deals for investors then assign them to investors for a fee. They handle the rest.
Thanks for the reply, Marcus. The reason I formed the question in that manner is that I didn’t think banks/mortgage companies would allow reassignment of short sales. Please correct me and why if I’m wrong.
This sounds like you plan on doing a short sale, THEN looking for an investor. I do it the opposite way; I find the investor then do the SS. This way I have a buyers name to put on the PA right from the beginning. If I don’t have a buyer before I start a SS, I will be looking for one while I am doing the SS.
Using a Realtors listing agreement to secure the property, if the SS deal falls through then nobody is held liable, other than the HO for the original lien. But I and my buyers/investors are free as a Jay Bird. We were simply trying to complete a Real Estate transaction (legally) that fell through. It happens every day. Remember, you will always loose more deals than you complete.