OfflineJust some questions for better understaning of short sales because I'm focusing on wholesales, but the first call to come through my 800 number was a short sale deal. All feed back is greatly appreciated.
1. What exactly is the pocedure for getting a short sale approved? By that I mean what do we factor in about the property when presenting an offer to the bank?
2. I was told that investors can approach the bank with an "intent to purchase," is this true? If so, what exactly is an intent to purchase? Also, would an intent to purchase speed up the approval process?
3. What is the average time for a proposal to get approved?
4. Do we as an investor do the proposal or do we let the owner handle that?
5. Is it possibe to wholesale a short sale?
Confused about short sales.
Posted on: Sat, 09/11/2010 - 19:52
Confused about short sales.
__________________
-
- by yadabnns
- Login to post comments
Once you get into contact with morgagee (seller) you will get all of the information about the lender and the morgage. You will then contact your agent to get the lenders information. Then you will start the negotiating with the lender this can take days or weeks just need to get to the ptice and terms. After that you will set the close date and close the deal. Short sales does two things you help the lender to turn a debt into an accet(helps the lender) and helps the seller out by getting them out from under the debt. You can put an assingement in to get the property sold and you take a nice fee for the deal.
Thanks Salterpls. So can short sales become a wholesale deal completed at a double-closing?
Thanks Salterpls. So can short sales become a wholesale deal completed at a double-closing?
Yes, they can become wholesale deals in the sense that you can use transactional funding to buy and flip them. You typically cannot assign the contract on a short sale.
Nationwide Transactional Lending at 1.5 points flat fee.
Chicago-area Hard Money Lending.
www.NorthSideFunding.com