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

Comments(1)

  • TheShortSalePro29th September, 2003

    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.

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