I heard today of a strategy of negotiating a short sale with a lender with sellers consent. There is currently no buyer or purchase contract. Is this possible? If so what are the steps involved? My intent is to start a short sale and then look for an end buyer. Any thoughts or suggestions? Thank you.
You need to get sellers authorization to find out information on the loan. Otherwise they will not speak to you about any details of the loans status, balance, past dues, ect. You are going to need to have a short sale funding company if you are doing a double closing, most states now have law, and almost all lenders will require you to bring wet funds to close. I have one I work with which requires no down payment, credit, or income check, but you must close your short sale and end buyer the same day with same attorney. KInd of tough to get done, but I have done them and trying to spread the word on the streets. Double close short sales is where its at.