Now I'm Confused

My buddies training is telling him

You get the deed
you call the bank
for the shortsale package
and you go from there

You guys are saying

"getting the deed will kill the short sale and also kill your reputation as an investor".the.banks are only willing to work with the previous homeowners who are on the mortgage"

Also someone said
"At some point the seller will be asked to SWEAR that they have done nothing to transfer ther their ownership interest in the subject property"

I am asking in good faith that you guys can clear this up

Thanks
Niceguy

Comments(6)

  • bgrossnickle6th August, 2004

    Some investors get the deed, some investors don't. Kind of like asking if you wear boxers or briefs.

    Brenda

  • Niceguy16th August, 2004

    Hmmm

    If it is just a matter of preference then I can live with that .

    But it seems that it is a deal breaker if you take the deed early

    Niceguy

  • bgrossnickle9th August, 2004

    It can be a deal breaker if the lender finds out. It could also be a deal breaker if the lender finds out your are an investor. It could also be a deal breaker if the lender finds out that the tenant has the extra income to afford the payment but is just a bad money manager. It could also be a deal breaker .... you get the idea.

    Many people who get the deed do not record it right away. They wait until they are close in the SS approval process. Then they record it so that they can sign a P&S, and an MLS agreement to market the property to a retail buyer.

    Brenda

  • I_Need_Help18th August, 2004

    one quick question, you say it will be a deal breaker if the lender finds out you are an investor? who are they suposed to think you are? thanks, Ryan

  • Niceguy118th August, 2004

    Good question

  • chuff18th August, 2004

    What is the process of the short sale? After you call the bank and they send you the short sale pkg. What is the next step? and What are som ethe obstacles to look fwd too.

    Newbie

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