I have been following this forum for roughly two weeks now and must the info is great! However whats the real scoop on SS?
I have heard you cannot wholesale a deal by assigning it, but you can if you set up an entity such as a LLC or Corp…
Sub2’s are not wise unless you set up a trust…but if you dont it can cause some serious ramifications etc.
Double closing etc…?
whats the real way of obtaining a SS and reselling it to other buyers without the seasoning related issues and walking away from closing with some profits…?
Would it be better to place an option on the property and assign the contract?
So hopefully there is a real answer to this madness, I have bought books and they have all illustrated different ways of facilitating SS from making sure that you do not place your name on the P&S but a LLC so the bank doesnt know whats taking place but if you do do not make it legible etc. sounds like fraud to me…
Please help folks this is pretty frustrating and I really consider myself pretty intelligent but this stuff is really in the realm of the legal processes in which I must say is beyond my current knowlegde base…
107 views and still not posts, I had to respond to this one.
Maybe it’s becuase your asking too may questions in your post. Let me see if I can address each of them for you.
I have heard you cannot wholesale a deal by assigning it, but you can if you set up an entity such as a LLC or Corp....
Not true. I am a loss mitigator myself. I do not care who does the deal, just as long as I have a good deal for the the bank. If you want to back out a put someone else in your place. Fine with me. Let’s just close the damn thing. Don’t waste your money and time on all that entity, LLC or Corp assigning crap.
Sub2's are not wise unless you set up a trust....but if you dont it can cause some serious ramifications etc.
If it keeps you up late at night, put the Sub2 in a trust, otherwise don’t bother with it. Most banks do not care about the “due on sale” clause right now while the interest rates are low as long as the payments are being kept current.
Double closing etc....?
What about it? Find the right investor friendly title company and you can do these all day long.
whats the real way of obtaining a SS and reselling it to other buyers without the seasoning related issues and walking away from closing with some profits....?
Same as above, find the right title company and you shouldn’t have a problem with this.
Would it be better to place an option on the property and assign the contract?
As a loss mitigator, your going to have a hard time getting me to approve your deal with only an option contract. You’ve got to give us more credit than that, we’re not that stupid. I know an option contract gives you the right but not obligation to buy a piece of property. Why would I waste my time with this? That would just piss me off. And if you piss me off, you might as well forget about doing any kind of short sale with me.
There’s a lot of good reading out there for this stuff, but nothing beats getting out there and just doing it. So step away from the computer, and go find a deal.