When selling a home that I’ve completed a short sale on; other than assignment of contract what other ways are used ? When double closing do I have a seperate P&S with end buyer and my P&S with bank Thats SS ? If so I really can’t put it under contract till I have banks acceptance. Is this correct?
Allin08,
A lot of lenders won’t let you assign a contract although you might be able to when the closing date approaches because the lender wants to deal to go through but you have to have their permission. Assignments typically aren’t allowed. A double close would be you closing with the lender in the morning on one day and then turn and sell it to your end buyer later that day. Two separate closings, two HUD’s, two different contracts.
Joe
To answer your other question. Yes, you don’t want to put it under contract with your buyer until you have the banks approval. The last thing you want is a contract with a buyer that you can’t perform on.