Wholesaling a short sale

[Derek Carroll]

Will the bank allow assignment language? If not, any suggested clauses to include in the contract or other suggestions to structure this? Owes 75k putting in a offer to the bank in the 40k range.

[Wayne Brooks]

Nope. Using an LLC, that you'll need a POF for, then later assigning an interest in it, seems to be the most reliable. Depending on the language of the specific arms length affidavits later required, you could still be technically violating some "no agreements exist to transfer an interest in/title to this property....". Being on the listing side, I've never taken a contract from someone I knew was attempting to wholesale/flip, as it's just so much less likely it will actually close, as compared to an OO or buy and hold investor.