OfflineWhat is the process in buying Short Sales Properties? As a wholesaler what is required of me, to be able to sell a Short Sales Property to a buyer? I have buyers interested in purchasing short sale properties, but I am not sure what has to done or how.
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Stephanie Cherry
Real Estate Wholesale Consultant
From my understanding you will make offers with an agent on the MLS with short sale properties but I was told the process is longer to get an short sale accepted. You will simply just double close on the property to sell the deal to your buyer. Or you can create an LLC and just sell your LLC to your buyer. The same process would go if you were making an offer to an FSBO who was in the process of going through a short sale.
Reynold Orozco
A short sale transaction is nearly the same as a traditional MLS purchase. You will need to submit an offer through a real estate agent. From what I understand, you cannot assign the contract which means that you will have to do a double close. This means that you will need to make sure that you use a title company that is willing to handle a double close or you will have to use personal funds to complete the transaction. Additionally, a short sale averages between 4 - 6 months from offer to close. Most wholesalers are unwilling to wait that long.