I need help to close my first deal!

[Jason Kim]

Hi everyone, I just stepped into the R.E. Wholesaling few weeks ago and surprisingly, I already found a seller who is going through a short sale on his property. I've contacted one of the investor whom I found in local Chicago land area and he is interested to look into this deal. I know wholesaling a short sale might be different than wholesaling a property which is not a short sale( movitated seller, FASBO ect.). So I need help to get some ideas what are some of important steps that I must do to make this deal successful and what are the things that I have to avoid from making the deal to fall apart.
Any help would be highly appreciated. Thank you.
Appraised : $700,000
Short Sale : $550,000
Seller Agent Involved / Got few offers in already / Investor wants to talk to the seller

[Joel Soforenko]

Jason, I am a hard money mortgage broker and deal with these transactions on a regular basis. First, if the Seller is involved in a short sale, he has to be selling it to someone. Part of the documentation the mortgage holder wants is a signed purchase and sale contract. So, who is the Seller selling to? Second, you need to get control of the subject property (or the investor you want to wholesale to). This means you have to be the purchaser, or purchase the option to buy the house, or your investor steps in to control the "deal". Third, in the meant time, to get your investor involved you have to sign an agreement with him (before you tell him about the property) so you get paid and so he won't go around you to the seller. Once all this is done, the seller (or his representative) negotiates with the mortgage holder for the short sale price. When that is accomplished, someone (your investor) then gets his financing in order and purchase the house. You should be paid either when he buys the house, or when he sells the house. (You should think about doing this project with your investor as a "junior partner" and learn all you can) And, rememeber me when you or your investor is looking for hard money in Chicago.