Potential Short Sale
I am at the start of a potential Short Sale.
After getting the go ahead from the home owner i plan on going to his lender (with an Authorization to Release infomation form from the seller) to ask if they will take a discount on the loan. I have two questions.
1) Are discounts on loans still prevelant. Are lenders used to getting inquired about these? Do some lenders completely throw the thought out the window?
2) Do I need to have a contract for the homeowner to sell the house to me first? How does the line of succession for ownership happen? Does that mean I have to pay closing costs twice?
Any advice or insight would be helpful.
TampaFletcher
Read "How to Prequalify a Short Sale Candidate" available on this site, or, email me privately and I'll send it to you in Word.