Justin, thank you for all the valuable information, I really appreciate it.
What do you mean by going to the straight A-C closing? How can you do that without assigning the contract?
I have a short sale under contract and am negotiating directly with the lender, my contract with the "A" seller states that I have the right to advertise and market the property for sale. I relisted the property on MLS with the same agent that originally listed it for more money. Last week a cash buyer made an offer above mine but stated they want to see my contract because I am not the current title holder. I do not want to disclose how much money I am making on the deal so I had the current title holder (A) sign an affidavit that we (A & B) have a contract and I have the right to market the property before I take title. The "C" buyer's attorney contacted me and said that wasn't good enough and that he needed to see my contract with the "A" seller to make sure its not an "illegal flip." I asked what is an "illegal flip" and he said I wasn't his client and couldn't advise me of that. I think I'm alright since my contract states I am in this to make a profit and the bank need rely on their own appraisal and investigation of the property in evaluating my offer. I think I may just black out the purchase price and let them see it.
Any thoughts...?
