A Question About Short Sales
If you can pay off the full amount owed on a pre forclosure, is this technically a short sale ? and what type of agreement or contract do you use when dealing with the bank? this is assuming you have the owners blessing and an AR.
( NO ) This is not a short sale. Paying off the full amount would be just that, paying the mortgage loan off in full.
I might be wrong, but my first course of action would be to get a Authorization of release form signed by the seller to give you permission to speak to their mortgage company about the loan and what is owed.
Next I would have a title search done to make sure there are no other liens on the property.
Next do a purchase agreement with the seller, and proceed as you would with a normal real estate purchase.
Any Pros out there might want to correct or add to what I have said.
If I am right, I LEARNED MOST OF IT ON THIS SITE !!!!!!!!!!!!!