Do I have to get the property Deeded to me before I can negotiate with the bank on a pre-foreclosure? If so, do I just have the seller sign a purchase contract with the agreed price, deed me the property and then negotiate with the bank? Is this the process if I was going to try to do a short sale?
Howdy Pinoydarv:
You do not want the deed on a short sale. The bank needs the borrower to deed the property to you at the closing.
There are times when you want the deed but this is not one of them. The sales contract should be enough.
Also in other situations where you do get the deed a sales contract would not be necessary because you would own the house after you get the deed.
don’t forget the first step… Get Authorization signed from the homeowner.
Tony