Various ways to Sell a Shortsale?

Foreclosures, Short Sales, Tax Foreclosures
1

What are the various ways to sell a Shortsale?

368,000 original loan…367,000 owed…monthly payments 2000…Say I negoitiate the bank down to 200,00 and they except, Must I cash the bank out in full via a cash or qualified buyer, or can I get a tenant buyer in the house for our agreed upon price, lets say its for 250,000; 15,000 down payment at 1400 a month…

2

Well you are negotiating with the bank to sell it’s mortgage ‘short’ of what is actually owned. It is not a modifaction to the original loan so someone , either you or the end buyer, need to come up with the full amount to purchase the property.
You can’t do an lease option on the property unless you get a new loan in you own name and purchase the property.

3

So you can not negotiate a shortsale through modification with the bank. You have to buy the property and then you can sell it. Thanks for providing such knowledge with facts and figures.

4

Thanks azinvestor and Nick Brian