Our number one request from the field is can we use the Home Seller Assist program on SHORT SALES OR REO'S. Until now, the answer was no. But it wasn't because we couldn't do them, it was logistics. The bank requires the buyer's own funds to pay for the home at closing. You can't "create a note" and sell at closing to create the funds that pay the bank for the home. That's not allowed by the foreclosing banks.

Now our funder will use their own funds to partner the deal with our members by putting up the money to buy the home and then using the note creation to exit the purchase loan. The member must have a buyer lined up that has been approved for our owner financing and have a purchase agreement in place with the bank where the offer was placed under an "and or assigns" with the bank. This will allow a Joint Venture to be quickly formed for the actual purchase using the note buyer's funds. This is completed in a single closing. There is a second closing where the Joint Venture closes on the note with end buyer and the temporary loan to the Joint Venture is paid off. After the 2nd closing, the profits are split.

This program allows investors to flip Short Sales and REOs without using any of their own cash or obtaining a loan. Your Joint Venture partner puts up the money and assumes the risk of the second closing not occurring and being stuck with a home and an outstanding loan amount.

This program will open up huge number of investors and past investors who are locked out of taking advantage of this market. Even CNN has posted a quick overview on their site on how to by foreclosures. Everyone wants to buy them, but can't get the money to flip them. Now we are providing that cure.

Find out more details on Tuesday during the 2:00pm EST at www.fastsellerloans.com

Larry Potter

This is the first time I have heard that Assistants programs could not be used for REO and Short sales. I have been always using them.