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Hey All,
Would love to get your input on how to put this deal together….
A builder approached me and says that he has 4 houses with one bank (for what it?s worth the bank has a cease and desist order). That bank approached the builder and asked him if he knew anyone who would be interested in a possible short sale on these 4 houses. That?s when he called me. Although I don?t want them for my portfolio, I know of some other buyers who might be interested. However, I don?t want to approach them until I?ve got things under contract on my side.
I was wondering, can I put the property under contract (w/ possibly 30 day option) and somehow put a clause in it that says the sale is subject to the bank accepting the short sale? How would that happen?
Also, would anyone be willing to forward me the option contract they use? Or point me in the direction on where I can purchase it? Heck, I would even split part of my profits with you if you helped me through the deal!
Look forward to hearing from you!
Thanks in advance,
adam
Adam,
there’s a great option contract in the Foundations of Wealth workbook in THE DEPOT
There are several ways you can do this:
1. Get an option on the property subject to finding an end buyer & short sale. When you find the end buyer, they write a contract directly with the seller ( subject to the short sale approval by the bank) and you are paid to release your option on the property.. Your profit is the release fee
2. Get an option on the property subject to finding an end buyer & a short sale. Then when you find the buyer, you do a simultaneous close with the end buyer. This is a little harder to do in some areas but still EASY in most if you have a good relationship with a title company and mortgage companies.
Go for it! You have nothing to lose
Jackie
Hi Jackie,
Quick question on this deal as it relates to the short sale portion of the deal…. How exactly do you language that when talking to the bank? I’ll take a stab at it….
ME: “Hi, my name is Adam and I’m with _________________ (company name). I’m trying to do a short sale on a property located at _____________________ (address) with a borrower name of _______________________. Who would be the best person for me to speak with regarding a short sale on this property?”
(I realize I may have to send over a signature authorization at this point to even speak w/ them.)
BANK: Let me transfer you to our short sale department.
(Talking to short sale dept.)
ME: “Hi, my name is Adam and I’m with _________________ (company name). I’m trying to do a short sale on a property located at _____________________ (address) with a borrower name of _______________________. What items do you require in order for me to start the process on this?”
(Then, the Borrower and I proceed to fill out the applicable paperwork and send it back to the bank.)
Is that it? What am I missing?
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