ATTN: ShortSalePro And Others..
Hi SSP,
I'm looking into shortsales as another tool on my belt. I have one question though, for shortsales to be accepted by the lenders consistently, do you have to offer CA$H to buy the properties? I doubt that they would allow you to assume the existing loan that you just shorted, correct? Can you bring in a new loan either a conventional or hardmoney loan and still get the shortsale to go through (consistently or have a descent chance)? Sorry, I guess there's more than one question.
Thank you,
Bginvestor
After your short sale offer is accepted by the bank you will have a certain amount of time to pay off the mortgage (typically less than a month, but it's possible to get an extension). Chances are they won't underwrite a loan for you on the same house. They may let you assume the loan (but that is a different subject).
Anyway, you will have a typical closing after the ss. You can come in with cash, a new loan (hard money if you want), the bank won't care how you buy it. You can even do a double close and have your buyer come with the funds to purchase and you leave with the difference.