Help With SS Contract
I have a potential SS, but have never tried one.
Seller already contacted lender and they indicated they are willing to work with us.
This was an inside lead so the owner has only been talking to me. I do not have this under contract yet.
How do I go under contract to tie it up and still leave myself an out?
This may or may not be a deal depending on what lender agrees to. Seller just wants out, so purchase price would be whatever we can negotiate with lender.
I know where I need to be, just don’t know how to contract it.
Any help?
Predicate your offer on the confirmed, as-is, fair market value. You can devise a standard contract of sale... simply make it contingent upon mortgagee approval.
Lots to do. Request the application for short sale relief/consideration. Help the sellers prepare and submit the application.
Power outages fried my DSL modem... so internet is on hold until Tuesday.
Before you snatch the deed and jeopardize the transaction (akin to shooting yourself in the foot) ask the mortgagee if it is OK for the mortgagor to transfer title prior to completion of the proposed short sale transaction.
Please let us know what it says. Thanks.
Meanwhile, help the homeowner make formal application for short sale consideration.