I am only working on my fifth short sale and I was wondering if I am overcomplicating the process. I have had success, but it has not been without the headaches. Do others take a similar approach as I do when working these short sales. Could I simplify my approach?
Heres what I am doing. First, I get the home into contract for myself @70%( I know some people dont work on hard percentages, but I do) of market value. I have only lined up my buyer once before knowing what the bank would accept. After bank approval, I call each buyer on my list. This has been how I have gotten my cash buyer everytime.
Closing has given me the most ulcers. Since, I already am under contract, I now must double close or ask the bank to waive my contract to accept my buyers contract. I put my commission in the HUD as a forebearance fee. This has worked for me before, but is this even legal? Can I ask the bank to waive my contract? Are other short salers doing this?
Your suggestions/ critiques on my approach are most appreciated.
Thanks,
Gregg
Tucson