Is there an alternative way to show the bank you have the funds to negotiate a shortsale other than your checking account and hardmoney lending?
I am having a bit of trouble with hardmoney lenders as I have not done a shortsale yet.
I have a feeling that this should not stop me from persuing shortsales.
Any advice?
Gregg
You can have hard money lenders write a qualification letter based on the property you are negotiating with bank. Other way of doing is have a Loan officer give you pre-qualification letter if you have good credit scores put that on the letter as well.
Bank usually like to see money in your bank or line of credit or prequalification letter for conventional loan.
They usually don’t trust hard money lendders … i think of their egos…
hth
DFW
I got pre-qual letters from 2 HML’s and have not had any problems.