Offlinefirst off. thank you to everyone who's helped me in the past few days you guys rock...
but i was skimming the local MLS, and on a shortsale in the description it said "short sale preaproved no need to wait"
does that mean they already approved on a certain price and wont accept anything else or...??
im just curious.
thanks guys.
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impossible is nothing!
Lender who holds the mortgage has approved the short sale already that is what "short sale preaproved no need to wait" means. The price they're asking is probably what the lender has approved for them to do the short sale. You'll never know if the lender would be willing to take a little less until you make an offer.
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On a short, if I do one, I would be dealing directly with the
lender or who holds the mortgage right. Would I make the offer to
the mortgage holder, or would their agent or would it be my agent
that's working with me. (That's real estate agent).
Also if the mortgage holder accepted the price I offered, would I
have to pay the money right then? I would want to do an assignment
deal since I am not able at the moment to fund any deals.
But I would have to have a buyer ready to go, correct?
Would the bank or mortgage holder give me a deadline to get the
funds to them?
Can you direct me to the short sale paperwork or packet. I know
it is little more work in most cases, am I right?
Thank-You
Short sales are a pain in the you know what! If this is your first time doing an assignment, you are in for a long ride. If the house is listed with an agent then all of your negotiations are through the listing agent. The process can take several months. Also, you will not be able to do an and/or asssigns on the contract. The majority of banks will not accept it. You will most likely have to do a simulataneous or double closing. If you are working with the owner direct (no agent involved) then you would work with the bank direct. You will need to get a purchase agreement signed, an authorization to release information to you because you will be working direct with the bank. Also, you're going to want the owner to sign a CYA letter stating that you make no promises of being able to purchase the property, it solely depends on the bank accepting your offer. If it is an owner you are dealing with, the owner will get the packet from the bank. Once the offer is accepted then you go to escrow. So you could say that you want a 30 day escrow giving you time to find a buyer. My suggestion is if you're going this route, as the owner signs the paperwork, start advertising for your buyer. Hope this helps...
KimmyJ
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