OfflineI have an agent that has a property approved for shortsale and one she says is "85 percent certain" Can I wholesale a shortsale or would I need to buy it cash. If so, I have a cash buyer, how would I go about getting an assignment fee without him bypassing me in the process?
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You can make excuses, or you can make money, but you can't make both. -Dean Graziosi
You would buy it & need proof of funds for the bank, but could get trans funding, close on the property & resell to your cash buyer the same day or next day to keep the cost of the money down.
This way if you paid 100K, you could just write a contract for your cash buyer at 110K, & collect the difference.
Ok, I'm guessing you mean transitional funding. How could I show him the property and make sure he'd buy it with the transitional funding without having to show it to him and let him walk through, and he buy it in the process straight from the bank.
What I'm asking is how would this process look without him stepping in and just buying it himself. What are the steps.
You can make excuses, or you can make money, but you can't make both. -Dean Graziosi
Usually a bank will not let an assignment of contract, that's why you would need to get a POF, & then use transitional funding.You would lock it up under contract so he couldn't side step you, & since it's a short sale don't give any EMD until the bank approves it. Remember that some banks do not make the approval "buyer specific"; if this is the case you could assign the contract.
The last thing you want to do is give your cash buyer all the info on the property like the address or parcel ID# before you have a written agreement spelling out the inS and the outs and how you are going to get payed. It couldn't hurt to get it noterized. That will stop some from buying w/o you. best of luck. EDGAR