NJ Wholesaling Short Sale vs Foreclosure

[Marie O'Keefe]

Hi everyone,

I am a wholesaler in New Jersey - my attorney told me shortsales in New Jersey are illegal to wholesale. I know that shortsales are dealing with houses that have negative equity, but I still don't fully understand what the difference between shortsale and foreclosures is. How do I know for sure if I am dealing with a foreclosure instead of a short sale? I don't want to get into any trouble.

Thanks in advance.