and/or assigns
Dear P,
You cannot use the words and/or assigns when doing a short sale. Look at it from the banks point of view...why would they take a loss just to watch you make an assignment fee. They wouldn't. The bank is aware that you are going to make money, they just don't want to see it.
You need to close the deal and get it off teh banks books. We like to wholesale after we short sale. This way we need no money.
Good luck!!!
Dwan
Dwan,
Do you generally wholesale strictly to investors, or to private individuals?
Andrew
I do it all the time. Banks don't seem to care.
Dwan,
If you can't use the and/or assigns with short sales, how do you get around it? A double closing? Or is there another way to go about it. I heard Sharon speak at the FLREIA meeting last month and I know that wholesaling is definately the way I want to go. I am also pursuing short sales and I am not quite clear on how to tie the two in together.
Thanks for any input!
Martha- S FL
Quote:
On 2003-02-03 08:42, BenBuysHomes wrote:
I do it all the time. Banks don't seem to care.
Do what? Wholesale to investors? Wholesale to individuals? Or use assigns on a short sale?
Andrew