Ok, here's the deal, a RE Developer that I know told me about a 2 Family I could pick up for 60K. Had my really do some comps, a house in that are sold for 265K at the beginning of the year(new construction, but shows there's value in the neigborhood). My agent told me it's a short sale and there appears to be water damage. Could be ugly, but the outside of the property is ok. He also said the the seller's agent said the short sale has already been approved, so we wouldn't have to wait months for an answer.
If the numbers work out, can I lock this up and assign the contract and how do I know how much work it needs? Do the banks allow assignments on short sales or should I just pass it off to a buyer for a finders fee?