Question on short sale ?

[Phillippa Gilkes]

I have a motivated selling with very limited option right now, she upside on her loan and I review short sale as an options for her. Now my questions (I’m still new in this game) is how do I start this process to get a short sale for her? As a wholesaler can I make money off this deal?

[Lydia R.]

@Phillippa Gilkes As a wholesaler there isnt a whole lot you can do if your seller is going to try to get a short sale. A few things to consider: 1. Banks dont have to approve short sales, they can choose to deny and just foreclose so your seller should be prepared for that possibility. 2. The only option for you as a wholesaler is to buy the property and then resell it. Banks typically put deed restrictions in place that limit what can be done with the property after purchase. Also once you are under contract, you cannot assign to another buyer. 3. Have you run the numbers as a potential subject to deal? A deal like that, if the numbers make sense, can be wholesaled to an investor.

Since you are new and dont have a lot of experience you might want to consider partnering with another investor or wholesaler on this deal so that you can learn but also be able to help this seller. The last thing you want to do is make a mistake that causes this seller to lose their home. Good luck!