You are listening to an astro-flipping breakout with me Jamil Damgey on the Wholesale Hotline podcast.

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But from my understanding, the way to work a short sale, because I had an agent send me a short sale,

the ARV is around like 425 and they're asking

150. So like if I were to double close, I would have more than enough spread where it makes

sense. But from my understanding, what you have to keep in mind when when working a short sale

is the biggest thing is the deed restrictions, correct? You have to make sure that there's no deed restriction that says you can't resell it after a certain

period of time and you can't change ownership.

Correct.

There's also a short sale affidavit that you sign.

And the short sale affidavit is going to make you swear that you're not entered into any other

agreement to sell this property

while you are in negotiations or currently while you're purchasing the short sale. So that's

where you commit perjury if you've actually assigned it or if you've got a buyer and you've

contracted with a buyer and you're signing that affidavit. So careful. God. Okay. So moral of the story, even if a short sale has no deed restrictions, probably best just to leave it alone. No, no, no, no, not that at all. Read the short sale addendum. Read the affidavit. We see what the restrictions are. Every lender is different. Lenders different. There could be a lender that say, I don't care. You can do whatever you want, you know? Okay. So I'm not going to advise you to leave them alone. No. So, okay. Short sale gets sent to me. Two things I'm looking for. First, what are their deed restrictions? And then I look at the affidavit. Also, is it a bank approved price? Is 190 actually bank approved because you can write an offer at 190 but the bank

doesn't have to approve 190 the bank just might come back and say no no no this is like this

needs to be at 305 okay uh any other things to keep in mind no so i got deed restrictions affidavit

restrictions and is it a bank approved price yeah okay so those are the three things that I always have to know. And if everything checks out, then I just, I know Albatross does pass through funding. So I just double close with a title company like Albatross and make sure I have a fat enough spread to eat at my closing costs. Yep. And then make some big money on those short sales. Yep.

And avoid seven years of jail time. 17. So holy crap, I thought it was seven.

He got out in seven. Where do you see the future of Astro going? You know, as your,

everything about you grows. I truly see us being so powerful and so well known and so highly regarded and highly elevated

in the space of just the, the way that realtors have, they all know who open door is and

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