Originally posted by logan1304:
Wells Fargo Denied a Short sale that I was working on because they said the buyer is using Transactional Funding. They said he is an investor and is Flipping, so they will not do the short sale. Anyone have any input on how to get around this? He was not using an Option contract
WF is just a pain to work with. If they catch wind that an Investor is involved, they will make things very difficult. Not to say that it can't be done, but just be prepared to work for every penny.
I've always been an advocate for double closings, and will defend them as being legal to the end. However, after my last double closing in Feb I decided to change my business model.
Instead of using TF, from now on, I will be using private money or hard money when appropriate. I put in alot of time and effort but after 6 weeks I finally found it!
I prefer it this way, because now there is NO possible way a lender can say what I am doing is illegal. I no longer need to disclose I plan on flipping the property, because I'm not marketing the property until after I close on it. So as long as there are no restrictions in the approval letter, I don't even worry about it.
