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Updated over 10 years ago on . Most recent reply

Steven Velez's profile image
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Steven Velez
  • Real Estate Investor
  • from Pompano Beach, Florida
  • Member since Jun 2, 2014
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Steven Velez's profile image
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Steven Velez
  • Real Estate Investor
  • from Pompano Beach, Florida
  • Member since Jun 2, 2014
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Steven Velez
  • Real Estate Investor
  • Pompano Beach, FL
14
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Wholesaling

Short sale

Steven Velez
  • Real Estate Investor
  • Pompano Beach, FL
Posted

just curious, but why don't short sales work for wholesaling?

Best

Steven

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Ned Carey
  • Investor
  • Baltimore, MD
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Ned Carey
  • Investor
  • Baltimore, MD
ModeratorReplied

If the bank is going to accept less than owed they do not want a middleman making a profit.  Banks have put in regulations to discourage it, for example deed restrictions saying you cannot resell for 90 days. 

Also short sales are such a poin in the rear and take so long many feel it is not worth the trouble. 

In some states like MD, there are laws to protect homeowners , which make investor short sale deals even tougher and could even land you in jail.

However it is still possible and I have wholesaled short sales.

  • Ned Carey
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