Making offers on short sales

I have not done a double closing. What banks dont like to see is the assignment wording in the contracts as they like to deal directly with the Buyer and not third persons. The problem I've seen in the past with Short Sales is that normally takes forever to close. This might be different from bank to bank. Not to discourage you, but you sometimes have to be very patience with short sales as responses move fairly slow. To minimize the waiting time, you might want to check if the property is already an "Approved" short sale. Most short sale MLS or realtors will be able to tell you that.

The bank shouldn't have a problem with doing a double closing.
Now from what I read on here, the bank is going to require a lot of paperwork, which your team should be able to handle. After going through a short sale deal, you can create a 'short sale package'. Just note all the paperwork requirements and other stuff the bank asks for, and every time you do a short sale, send this paperwork over without waiting for the bank to ask for it. Every time a bank asks for something you haven't been asked for before, write it into your package. This will smooth things out, make the transaction go quickly, and let the bank know you are a pro.
The amount of paperwork and the time it takes to do a short sale is what makes other investors shy away from them, but that doesn't mean you can't make a profit on them.
It will just take longer. But there is no reason you can't do other deals, while doing short sales.
Hope this helps.

RENinja

Thanks for both of the comments. So do you think I should set the closing with my end buyer later than an hour apart from my closing with the seller. Or is an hour apart fine? I will be using a transactional funding company.

You could do thirty minutes if you want to .
Do you have one title company who will handle both closings? If not, you need to find a title company to handle the transaction between you and your buyer(the first will handle the one between you and the person selling to you). I am sure you already know this, but just wanted to add that.
Good luck!

RENinja

Thanks for all you've posted in this thread.

Great posts by all!

A lot of realtor sites have info on houses
that does say it's a shortsale approved.

How long does a typical shortsale process
take on an approved one?

No problem, glad to help.
I would think between 2-6 months. An unapproved short sale, 2-12 months.
It really varies, because banks have so many requirements. And they don't seem to like giving in to investors' contingencies, until they start getting really pressured to reduce their inventory. You can call and ask the listing agent how long it would take to close a short sale with financing and how long it would take to close with cash.

RENinja

With the WINGS group I joined, I have found good info on the short sales. I was told if you do it online with Equator.com, it goes a bit faster. The women in our group uses that and almost everyday you have more stuff to fill out with Bank Of America esp..
But Andrea gets them done in 2-3 months. Because I never did a short sale, and I like the agent I work with, I called her and hired her to do it for me. She is experienced at it, and gets her in three months and some in four months. But we are hoping this one will go through faster, I told her we need to pray about it and remember the banks need to get rid of more properties by the end of the year.
I do have an end buyer so we set a double close date, providing the bank follows through fast and with the yes we need.
Even if you can't get to the REI club often, go that one night each month at least and ask for help. Shocking how many people can help you, just mingle and ask

Can local credit unions ever interact with our real estate needs and perhaps replace a bank ?

Good luck, It want work on short sales, sometmes a short sale take up to a year.

Randy