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Updated over 15 years ago,
Need your short sale expertise.
Hi Guys,
I need your help. I want to buy a short sale property. I am going to negotiate it for $50,000. I want to resell it for $80,000. I am thinking of doing a double escrow. I have been negotiating a lot of short sale for my clients, but I never did a double escrow on a short sale. Do I need to disclose the short sale lender that I am going to flip it? Should I fund it with my own money or should I use the end buyer's money.(of course I rather use the end buyer's money, but what works best?).
If I have to disclose that I am flipping it to the short sale lender. How should it be written in the contract?
Also, how do I use a Land Trust to do the deal?
I heard that if I did a Land trust, I would not have to pay closing cost twice and my name and price will not show on the property record.
Thanks for your help.