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Updated almost 9 years ago on . Most recent reply
Wholesaling a Short Sale
Hello my fellow mates,
I am very new to real estate investing and I'm still in the early learning phase. After a few weeks of research I have decided that I want to start my investing career with wholesaling.
Fortunately I have found an amazing deal in New York City. However after doing my research on the property, I found out that its a short sale. I spoke to the real estate agency and they claimed it was in contract. May someone please explain what "in contract" means? I did a little more digging and found out that an REO agent owns/manage(not sure how the property is associated with the REO agent).
How would I wholesale this short sale? How should I approach the REO agent about the property? How would I market this deal to investors?
Most Popular Reply
I'm wholesaling a short right now in Long Island. Just have your attorney buy a Corp. and sell the Corp (and all assets belonging to the Corp i.e. The purchase contract) for the assignment fee to your buyer.