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.