I am a beginner investor hoping that someone can answer a question to help with a short sale.
Can I negotiate a short sale if I do not have hard cash to pay off the bank? I was intending to get financed by my mortgage company to pay off the existing (short sale) loan on this property… (to the bank that holds the original loan).
I heard that Banks (with whom I am negotiating the short sale) always want cash. How do I make the short sale still work with funds financed by the mortgage company instead of cash? I do not think I can buy the property on a cash basis. However, I can obtain formal proof of financing approval for this property from the mortgage company ahead of time. Do you think that will be sufficient for the Bank?
Can anyone tell me how exactly I can make this work? I would sure appreciate any help.