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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?
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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.
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Is the lender going to require an earnest money deposit and/or require me to sign some obligatory papers?
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What if the seller has only one mortgage, and no equity? How likely is a profitable short sale?
Thanks in Advance,
Monte and Bo