Wholesale a Short Sale?


Posted by Cal Jammer on November 14, 2007 at 12:41:03:

I have seen this discussed a lot but have never really seen a good answer. My marketing is really good and is getting me between 5-10 responses a week from homeowners that are facing foreclosure, have no equity, and just want out. All potential short sales.

I know the short sale negotiation process and have completed a few. But I am looking for a way to pass these deals on to other investors for a fee...essentially wholesale them.

I know there is the strategy of buying in a trust and then doing a simultaneous close and have the end buyer buy the trust, but many people say that constitutes bank fraud and many states are really cracking down on that. I am in Ohio and I know they are frowning on that here.

I am just wondering if there is another strategy I can use to negotiate a short sale price with the bank, but not be obligated to buy. Kind of have the "option to buy". Then ultimately find another buyer to buy the property at the price I negotiated and basically give me a fee for my option. Even if it's outside of closing.

Any suggesstions would be appreciated.


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