Very important, please read… What happens if I do not want to buy the property but instead want to assign the contract to a cash buyer( without owning the property).
Will the lender want the buyers information in advance to approve the shortsale?
Settlement Statement Scrutiny
The seller’s mortgage lender will want to have an advance look at what’s called the “ Settlement Statement” or “Settlement/Disbursement Estimate.” The mortgage lender will be carefully reviewing:
Commissions going to real estate brokers
Where your financing is coming from (Cash? A loan?)
Payments to cover outstanding liens and taxes
Approximate date of the closing
Any cash to the seller (a definite no-no)
Any other expenses which may raise a red flag