Posted by lukeNC on December 28, 2006 at 21:01:39:
of course…
How I do it:
If I’ve negotiated a nice deal where the lender will take a certain payoff, (usually get 30-45 days to close. The lender will send me a payoff letter stating the terms of the short sale agreement.
I’ll then call up my investor / buyers and let them know the deal and how much I stand to make. usually anywere from $3k to $7k or so.
They go by and take a look and if they bite, their attorney checks title sets up the closing, i fax over the lenders payoff letter and I get my fee before closing gets done. They turn around and close the deal.
I have a question in regards to wholesaling. I wanted to know if it was possible to wholesale a shortsale deal that I have negotiated? I know it can be done , but I really need some advice on making theis deal go through smoothly. Thanks in advance for your well appreciated advice
Re: wholesaling short sale deal - Posted by Atlanta_bob
Posted by Atlanta_bob on December 29, 2006 at 14:55:10:
Hello BILL:
The post from “lukeNC” can work, but otfen times you may need to complete a double closing. As such, you will meet with the sellers at the closing attorney’s office at (say) 1 PM, sign all the papers, then meet with your new buyers at (say) 1:30 PM and sell the property to them. In this case, the original sellers (HomeOwners) do not know the terms & conditions of your sale to the new Buyers, nor do your Buyers know the terms & conditions of your purchase with the HomeOwner. In many cases, you might find it worthwhile to share some financial info with your investor/buyers so they know what’s happening, but that is not always necessary - - just depends on the deal and the “spread”. If you have several investor/buyers that you work with on a yearly basis, then everyone is (financially) comfortable with the other party and specific financial info may not need to be shared on your current deal. Very important to use a real estate attorney that works with investors and double closings since you will not come to the closing table with any money, but will leave with your profit (via check issued by the closing attorney).