funding for shortsale

Im aware that in a shortsale the lender requires an approval letter from a lender, How im I suppose to get this?

Im sure I dont qualify for financing, is their a way around that?

Im obviously not looking to the loan under my name if im looking to doulble close.

You can use a hard money lender. They usually will give you a pre-approval a lot easier than a traditional lender.

I have the same question… i dont want to have to ck my credit or put my credit on the line… I try to avoid at all costs…

Are there some other ways to get the deal done with Short sales?

Is there an exit clause you can put in contract when making ss offer to bank so I can back out if i dont find a buyer…? maybe " something like offer is Contingent on inspection acceptable to buyer, or partners approval… something like that…

How about putting And / or assigns in the contract to lender for ss also… would they have a problem with this…


When making an offer to purchase from the bank with a short pay or short sale you have to be the buyer or have a buyer sign the purchase contract. The bank will not look at or listen to anything you have to say unless you have a qulified buyer and a contract. they are not going to negotiate with you for a discount then have you tell them that now you have to go find a buyer. Thats not how it works. Go to a hard money lender. They have never pulled my credit history. They usually just ask what my credit history is like, what type of reserves to I have and how much I want the approval letter for. They are lending on the deal… not so much you. When you get a approval letter from the bank with a pay off amount if that falls into the percentage that your lender works with then you have a deal. If not try to find a buyer before your closing date or just let it go to foreclosure. I have a specific guidelie that I follow and If i cant get the price to an amount that works for me and my ctiteria then the deal is done. If its a good deal for you and above what your hard money lender will lend on get a conventional loan and buy it your self.