OfflineAll,
I am running into a problem where the seller is willing to sell me his property but the property is currently in short sale. As you know most banks don't allow or prefer not to have assignments when it comes to this type of property (and foreclosures). Now I don't know what to do. What would be my next step?
__________________
get a fee
set up an LLC and get it under contract through your LLC. then sell the LLC to your end buyer and collect your fee, like Elix said above. in Indiana we can set up an LLC online within minutes and even get our EIN within minutes from the IRS.
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
Put it in a trust, then either assign the beneficiary interest in it, or make the end buyer the successor trustee, then resign as the trustee.
But, look at the laws in your state. In CA, they are really strict on how short sales. Your next step will be how to get the bank to accept the short sale. Someone else here can hopefully guide you on that.