Short Sale Questions

  1. If I plan to wholesale my deal, can I negotiate a short sale with the lender myself, without having a specific person in mind to sell my deal to? I’ve heard that if the deal is good enough, I’ll find a buyer. My reason for asking is that I don’t want to ruin relationships between me and the lender in the event that I can’t find a buyer. Is it even a big deal?

  2. If it is a big deal, what about this scenario? If I haggle the lender down to a number that I’m confident to work with (with the intention of finding a wholesale buyer), what if I said, “You know what, I thought we could do a little better on these numbers. I’m going to need a little time to think about what we’ve talked about”. And at this point, if possible, get the rep to jot down the basics of our discussion so I would have some level of commitment on the lender’s part. I would then have a chance to find a buyer without fully committing to anything personally. If this idea is dumb, tell me what the smart thing to do is.

  3. Is the lender going to require an earnest money deposit and/or require me to sign some obligatory papers?

  4. What if the seller has only one mortgage, and no equity? How likely is a profitable short sale?

Thanks in Advance,
Monte and Bo