Need help constructing this deal....

Foreclosures, Short Sales, Tax Foreclosures
1

I have a house ARV of 310K

I short saled the amount to 275K

There is a 1st and 2nd are with the same lender

The Original numbers:
1st: 240K
2nd: 60K

Here’s the problem that I have. I may have some buyers who are willing to buy it for the 310K amount. The lender isn’t willing to discount the note seperately. At least that way I can take the 1st sub2 and payoff the 2nd.

The 275K is the net proceeds combined.

How can I get paid on this transaction for the work that I did to short sale if I don’t want to come to the closing table with money?

2

Hey,

The easiest thing to do if you have a buyer with money lined up is to do a double closing. Buy the house at the same time you sell it. The funds from the sale fund the purchase. A title company will take care of it for you.