Re: Wholesale a Short Sale?
Posted by steele in minnesota on November 18, 2007 at 13:59:31:
In Reply to: Wholesale a Short Sale?
Posted by Cal Jammer on November 14, 2007 at 12:41:03:
Interesting that you should ask this. Similar questions have come up recently on both a real estate legal forum I belong to as well as a real estate educators forum.
Having been on both sides of the fence, lender and investor, I try and see both sides. However, as you are the investor you might want to see this from the bank side so you know how they think.
First of all, no, you can not option a shortsale. You either make an offer to buy that has teeth in it or you don't make an offer at all. Second, no lender I know of would allow anyone but you to buy and close on the property.
No assignments. Period.
Now, can you do some cutesy things? Sure. But more and more this area is under the scutiny of the local, state and federal agencies. Anything that smells of scam (another word for fraud) has a much greater chance of being jumped on today.
I would tred softly on this area. Not saying it can't be done but many of the gurus out there are frankly moving in the area of deception and fraud.
IMHO, of course.
If you argue that the lender should take your offer because this is what the house is worth and you have a buyer in the wings (or even think you might have one)that will pay more you have lied to that lender. And in a short sale (not subject to) you need to convince the lender as to the validity of your offer.
Be aware and frankly, beware.
Steele V. Propp
Foreclosure Specialist
Schatz Group Real Estate
Minneapolis, MN
steelep@aol.com
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