Wholesaling Short Sales Help!

Many investors are interesting in Wholesaling Short Sales; They come across underwater assets and place offers with the intent of selling the contract. The standard assigning of contracts does not work in the world of short sales. The banks are savvy and will not allow that verbiage or the assigning of contracts. Short sale reviews are buyer specific so if the buyer changes, the review will need to start back over. Also, a wholesale fee on the settlement statement likely will be denied by the mortgage servicer when asking for settlement statement approval to close.

Wholesaling Short Sales also faces other challenges. There is generally a 30 day deed restriction in transferring title. Some investors require that the property can not be transferred within 90 days for more than 120% of the purchase price. Banks have taken measures to prevent investors from Wholesaling Short Sales.

For questions on anything short sale related, feel free to fill out the form below and you will be contacted shortly by a specialist in our office.