Need Short Sale Info
I may be closing my first deal soon. Can anyone walk me through the basic steps of a short sale. The deal Im working on is scheduled to be auctioned on the 28th. I have a cash investor. Might consider subject 2 if all else fails. Any help would be gratefully appreciated.
Thank you
Arb
Step One: prequalify the short sale candidate for short feasibility. The homeowner must apply for and qualify for short sale consideration and approval. The mortgagee must have a short sale option available for that particular loan type.
Step Two: make application/devise Proposal
Step Three: wait for mortgagee's due diligence, and decision
The foundation for a short sale is laid much earlier on in the process... it's unlikely that you can make application, allowing for mortgagee due diligence, and acceptance in such a short time. To complicate matters, you want to assign the deal?
To learn about the short sale process, you should spend a few hours reading thru this site, and others that deal with short sales.
There are no short cuts.
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