Just a question on short sale

Good morning all you God loving peeps, I just have a little question with doing a short sale. If I do a short sale and want to hold the property for a while, can I get a conventional loan or do I have to pay with cash? Thanks a lot.

Doesn’t make any difference to the foreclosing bank, they just want their money.

Shouldn’t make any difference to your lending bank, they just want your money.

Thanks a lot JDS. Just got one more question.

When is the best time to negotate with the bank about doing a short sale? Before the bank is beganning to start the forclosure process or halfway through it? What would you say the average discount in percentage the bank will be willing to accept?

Now would be the best time. It really doesn’t make that much difference. If the owner can’t pay now, they still won’t be able to pay later.

Your discount depends on your negotiating skills.

Do your due diligence, decide what you can afford, start lower.