Is there anyone from nj or has done short sales and then wholesaled in nj? They are very strict here and the title companies I have spoke to dont want to have anything to do with double closings or simultaneous closing. Lenders will not work with a contract that shows an assignment. Some people recommend land trusts and some say the best way is with an option contract because it is alot more transparent. They seem to think that some lenders or title companies are now looking at a trust as a way to hide something shady. But others say a trust still works great and prefer them. And then there is the seasoning issues unless I sell the contract to a cash buyer. I guess a real estate attorney in this area might be a good idea unless someone has a better idea. Thanks in advance
If you are in Northern Jersey, try joining the GSREIA. There are a lot of people there who do short sales and then turn around and wholesale them. Get in contact with those people and they will direct you in the right direction.