How (if at all) is it possible to help a seller stop a short sale on his property from a buyer’s standpoint??
The question doesn’t really make sense.
How can a seller stop a short sale? Just don’t agree to close the sale. Even if the lender approves, the seller is still the seller and no sale can take place if he doesn’t sign at closing.
Hi,
If you find a property that has large enough of a margin above what the home is being foreclosed for you can stop the foreclosure by paying the back payments and fee's!!!
(In escrow as part of new financing or a owner carry or wrap only!!!)
Now if your trying to wholesale (Flip) it to someone else you could open escrow and wrap or set up a owner carry deal which allows you to pay on the existing paper. Just make sure you don’t pay an owner directly and entrust he will make up his back payments himself!!! (You would be surprised to learn how many fellow investors learn the hard way!)
The only time you do this is when there is a big chunk of exceptable equity! Don’t put up money for back payments if it’s a short sale as you will never get your money back!
GR
Isn’t he asking about stopping a short sale, not stopping a foreclosure action.
Thanks Gold River! That was kinda what I was thinking! Would that be considered a “subject to” type of mortgage?
Just wasn’t sure if “subject to’s” were allowed in short sale purchases.
Hi,
Eric is right, you were asking about stopping a short sale, so the information I gave you was not correct. So that Eric and I can help you re-post what your wanting to know and include a lot of details.
GR