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Updated about 8 years ago on . Most recent reply

User Stats

16
Posts
0
Votes
Jeff Obrien
  • Residential Real Estate Broker
  • Wilmington, NC
0
Votes |
16
Posts

Financing for a 30 day wholesale deal

Jeff Obrien
  • Residential Real Estate Broker
  • Wilmington, NC
Posted

Not sure if this is a true wholesale deal.  I have a short sale under contract which I recently got the sellers bank approval for.  With the bank approval the bank is prohibiting the sale/transfer of the property for 30 days.  I have a buyer in hand that I would like to sell the property to after the 30 days are up after initial short sale closing.  How can I finance the purchase price of $215,000 and hold it for 30 days until I sell it to the prospective buyer?  I will have a sales contract with the new buyer.  Is there anything such as 30 day transcriptional funding?  I am willing to pay for the money but it needs to be reasonable.

Most Popular Reply

Account Closed
  • Investor
  • Orlando, FL
780
Votes |
1,351
Posts
Account Closed
  • Investor
  • Orlando, FL
Replied

You don't have to finance the deal. Buy it in a specific LLC for that property only and sell the LLC, not the property. That bypasses the banks requirements and it never shows up in any public records.

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