I have a seller (w/ signed puch agmt) that wanted me to conduct a short sale on his property. The sheriffs sale took place and the lender bought back the rights for $20K. MI is a nonjudicial state so the property has 6 months to be redeemed for the $20K + fees. I now have a buyer for $50K but they are using FHA financing so they won’t allow me to do a double closing. I am trying to figure out how to construct this deal. Any suggestions?
I have been advised to do a release of equitable interest close. Not even sure what this means or how to construct it. Any feedback would be greatly appreciated. Thanks. :help
Have the title company prepare a quit claim deed for all the parties involved.