Who's doing short Sale Investing here?

[Anthony Agnone]

Who all is actively getting properties/profits from *facilitating* short sales between owners in default and banks? At a recent REIA meeting, an investor from Florida presented some impressive numbers for this strategy. It's often a double close -- negotiate a big discount short sale with the bank, and then either keep the property or sell it to another investor (could be considered a sub-type of wholesaling).

However, since the REIA meeting, I've also read a lot of discussions online about banks trying to prevent this more in the past 10 years. Additionally, there is a lot of differences in legislation and bank practices across states, so I'm hoping to confirm any pros and cons to this strategy. Bonus points if the pros and cons are specific to Georgia.

Thanks in advance!

P.S. for information purposes, I am also not a realtor or attorney of any kind.

[Brett Goldsmith]

You're not supposed to double close as most short sales have deed restrictions for at least 30 days. I personally love buying short sales, but I don't double close or wholesale contracts on them.