OfflineI need to talk to someone about short sales. If you know short sales please contact me.
Ed
__________________
short sale expert needed
Posted on: Wed, 05/08/2013 - 22:17
I need to talk to someone about short sales. If you know short sales please contact me.
Ed
Hi Hutchie - good to see you posting again! If you recall, I invest in VT (although live in CA), and I recall you're there in VT too.
I bought a short sale a few years ago and here's my experience:
- I personally had to be the buyer. Definitely could not assign it.
- I was preapproved, had to send in all my documents including proof of funds to close (my bank statements only), and even then it still took them 3-4 months to approve it.
- I also had to sign docs stating I could not sell back to the original owner, and could not resell for greater than 20% profit within 90 days.
Do you have specific questions not answered above?
Good luck!
- Tom