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Updated almost 9 years ago on . Most recent reply

User Stats

15
Posts
5
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Cazemba Richards
  • Brooklyn, NY
5
Votes |
15
Posts

Wholesaling a Short Sale

Cazemba Richards
  • Brooklyn, NY
Posted

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

User Stats

20
Posts
15
Votes
Anderson Minaya
  • Investor
  • Long Island, NY
15
Votes |
20
Posts
Anderson Minaya
  • Investor
  • Long Island, NY
Replied

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.

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