URGENT, I NEED HELP WITH SHORT SALE

Foreclosures, Short Sales, Tax Foreclosures
1

I have a house that I successfully negotiated a short sale. Now it’s crunch time.

I have several questions about doing the short sale. I have a short sale payoff amount of $220K. I have a realtor involved and he found a client that would buy it for $285K.

There is a 1st and 2nd. The 1st is owed 214K, and the 2nd is owed $6K.

Now here are my questions.

  1. Is there going to be a problem if the title company discloses that I’m going to do a double close on her escrow instructions? If so why?

  2. Do I need to pay off the first before the 2nd? If I need to payoff the 2nd first, then can I pay off the 2nd and get that out of the way, then can I close on the 1st the next day?

  3. If the 1st is paid before the auction date, can the 2nd be paid off after the fact?

  4. I am going to have possession of title for about a day, then deed the property over to the new buyer. Will there be any problems that I run into in the future?

This is my first short sale so I’m needing some help from someone who is familar with this procedure. I’m also from Nevada. Thanks in advance!

2

what state are you in?

3

If you are going to take title to the property legally, you have to pay off both liens at the same time.

4

Nevada.

5

talk to the 2nd. They are usually aware when the first goes into foreclosure. offer them 500 and see what happens. I have not done ss with 2 lenders, currently working with single lenders right now. I uderstandsthand they will get ‘WHACKED’ if the home goes to auction.
steve

6

I’m not in Nevada. Why does the Title Company have to disclose the double close on the escrow instructions? Is this a state requirement? Banks don’t usually care where the $ come from, just as long as they get it.

7

change your title company.