wholesaling with traditional lender

hello everyone this is my first post. i have this deal where i can get a condo for way under FMV from a motivated seller. and i already have a buyer lined up that is willing to pay close to FMV for it. i understand that it would be a lot easier and better if my buyer was paying cash. but is there anyway that i can get this done with the buyer using a normal loan? like something without seller seasoning? i understand that the most difficult part is finding someone who will do a double close because most banks if they smell double close coming they run. i have heard of putting it in a land trust but dont know how to set that up with the seller? basically my goal is to not let either side know what i profit is that possible? i have already rehabed and flipped a house and have another as a rental but i just want to wholesale this one. worst case, if it cannot be done i will just hold onto it and have the buyer do a lease option. but please someone help i just would rather have quick cash

Hi albl3333,

If “seasoning” is an issue, then I would not recommend putting it into a land trust first. Your buyer’s lender will want to see that the title is “seasoned” meaning it’s been in place for at least 6 months or so. So, that option is out.

A double close may work… it really depends on your buyer’s lender’s underwriter. Like you said, some follow the “where there’s smoke…” philosophy.

The only other option would be to assign it, but then you’re disclosing to your buyer what profit you’ll make. So, you may have to reduce your asking price. But, in the end it’s better to get 50% of something than 100% of nothing. Hope that helps…

thank you for the reply ElToro!

ok lets say i do assign it, dont i still run into the same thing with the underwriter? they will not like the assignment fee on there. or is there a way that most will except it ?