I have been fortunate enough to accomplish a short sale on a fairly new home. It looks like I am going to be able to sell it real quick as a rental. Because I am still very new at this can I ask for some help please? If my buyer is an investor and planning on getting a regular loan, he is already pre-approved…is he going to have problems with financing a short sale or seasoning issues? Am I going to be able to doubleclose? Is there anything I can put in my contract with him so he can’t tie up the property with approval, inspections, etc. and I run out of time. In order for the deal to go through, I have to close by the end of February, no extensions. Should I be requiring a cash deal or private lender when I talk to people about this property? Thanks so much!!!
If your buyer is an investor he/she probably will not want to buy your short sale as it is not discounted enough. So it’s a moot question. You are just wasting your time with them.
The only way you are going to sell for a profit is to find a retail owner occ buyer if you have time.
EH
EH, you’re telling me to prove it on another post. Maybe we best not speak anymore…
I’m not telling you to prove anything.
EH
Lin: I know you posed the extension question on another thread. Regarding your question, a double close I think is the best way to go. Seasonig issues depend on your buyer’s lender. I’ve heard that FHA loans require 90 days seasoning (someone else can weigh in on that).
I had a contract where I required the buyer to include at least 1% earnest $. When he didn’t close, I kept his earnest $. This is not to be construed as legal advice, it’s just my experience.
Thanks again…if you ever get to Texas, I’ll buy you lunch!! ;D
Lin, I’m in Austin, Texas. What part of Texas are you in?
You know as soon as I wrote that, I thought you are gonna be close!!! I’m in Houston!! All my life…I love Austin…Houston is just so flat!! 