Wholesaling a Short Sale

[Rick Wright]

I recently received a call from a motivated seller. They are trying to avoid foreclosure on a home they no longer live in. The most recent comps are 135-150K, they owe 112k and by the sound of the phone conversation its going to take around 30k to get to retail condition. With those numbers I definitely can not do anything with the property. My wife spoke to their bank, they are open to a short sale but i'm not sure where to go from here. Does my wife have to list it on the MLS in order to do a short sale or do I need to get it under contract myself and try to get the bank to approve it?