Can you assign a Short Sale contract to an investor?

Each bank has its own contract, most specify that that the contract cannot be assigned. However, I worked with one that did allow an assignment. You should read the contract before you sign it. You can do a double close if not an assignment, but be sure to have your buyer locked up before you move forward.
Best of luck!

double close is the answer for short sales and reo's

Thank you Gena and Juan!

Just one more question: By double close you mean I will close with the bank, then I will close with the buyer?? Is this correct?

You can even set them up simultaneously, so you close back to back, you can even do it closing with the buyer before the seller because they all get recorded recorded at the end of the day. Fridays are the best I have heard.

If you need funds, and it's in your budget you can always use transfunding. I always get POF's from ivisionary, and they do transfunding as well. PM if you want the contact info, Jason Medley owns the company, and I have the phone number for his guy who sets it up for you if you want to use them.

Keep in mind the bank may have a restriction for your new buyer not to flip it. Typically the new buyer would be restricted from selling at greater than 20% of the purchase price within 90 days, although each bank has their own terms. So the potential buyer needs to be aware of that too.

Hope that helps and good luck!

- Tom

Thank you very much everyone!

I'll appreciate it if you can PM me with the the guy at Ivisionary who sets up the POF. Thank you!