Short Sales

Hi, my name is Josh from Cleveland and I’m a newbie with some questions on short sales.

I think that I should in order to do a profitable short sale first find a preforclosure, negotiate with the owner to deed me the property for what they owe, contact a loss mitigator at the owners bank, discuss discounting the loan, and then I am confused wheather I am sub2 the current mortgage or if I refinanced the loan.

This is what I’ve been told of this process. Am I way off or do I have a piece of this idea?

A short sale is when the lender takes an amount short of the currently owed amount as payment in full! ( hence the name)

You will need the homeowners cooperation to do a short sale. A purchase agreement between you and the homeowner, their financial info including tax forms and you will need to prvoide the lender with your preapproval letter.


Tony’s right. You will need to come up with the money to pay off the discounted loan - there is no sub2 for a short sale.