Short Sale Flips

first time always hard, but call up support line if need great advises!!!

for the short sale financing, just add your buyer to the contract b4 closing, then immediatley after closing, sign quit claim to buyer and collect your profit
OR
Use Transaction Funding and double close

The best way is to use transactional funding and do a double close on the property. Also what reinvestor42 said by putting your buyer on the contract and quit claim it over.
short sales can be hard to deal with sometimes.
I am currently trying to get some but it is taking 4 months or so to get me a short sale so be prepared for waiting.

Changing the contract name results in being resubmitted and transactional funding runs cost up. Im having my end buyer put their money in escrow with the closing company and actually buying the property with their money.... I was just curious as to what others were doing.....

Can you elaborate on your last post? How do you go about getting our end buyer to do this?

I tell them.... If you want the house.. This is where we are closing.. and you need to get the funds in escrow before someone else does. They feel more comfortable doing that then giving me a check sometimes. Its not to hard.... It may be harder finding a company that will do it for you. Most underwriters will not bend the rules... Try real estate attorneys if need be.

Hello DG family newbie here i was just wondering what exactly is transactional funding or where could i research the topic myself? Any input would be greatly appreciated.

It is a short term loan (1 - 3 days) that lets you buy a property in order to turn around and sell it to your end buyer. It helps you get around the non-assignable clause that banks will have in their contracts.
Here is a link for coastal funding. It should take you to the FAQ page.

http://coastal-funding.com/faqs.html

Some of the banks here require you to hold the property for 3-6 months before you can sell, so a double closing or transactional funding won't work. Any Ideas or just don't work with those banks? That would take a lot of REO properties out of the picture.

Thanks for the information on transactional funding. I will take a look at the link you provided and do some research for my area thanks.

Back to your original question.

Do a lease option to your buyer. He funds the closing. He then exercises his option when the seasoning period ends.

This takes a cash buyer with brains.

I know guys that are still doing the LLC thing. They argue that the purchasing entity remains the same. They wait until 2 or 3 days before closing and call in to the title company or attorney and request the statement of authority be changed to reflect a different managers signature.

Personally, I don't wholesale LISTED short sales very often. Too much time and effort involved in the long run. It certainly is not part of my business plan. I can spend my time doing other things.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

I don't see any reason (for me) to do short sales and have all the headaches that go along with it when there are so many other houses/opportunities in REI.

JMHO
Shirley