Short Sale Payment ?
Hello fellow investors,
I was just wondering ; when you do short sale and the bank has agreed to discount the property, you have a buyer and everthings ready to go , how would you get payment?
would you add your fee to the purchase agreement and have the sign off,or what ?
I'm totally confused on this subject 
!!
thanks in advance, B624
businessman624,
Usually when you do a short sale with the bank, then the buyer has to have the funds to close once the short sale is accepted. So if you did the short sale with the bank as the buyer, then you need the funds to close. Usually, the bank will not allow you to assign the contract or double close. If the bank can get more for the property, then why should they allow you to assign the contract and get money that the bank could've had?
There are ways of getting around this. You might want to review pbodys post called Step By Step Short Sale Completed In 2 1/2 Weeks! He was creative and made a contract up between the buyers that he has lined up and the sellers of the property. Then he placed a lein against the property for his services. So when the buyer and seller close, the lein he placed would have to be paid off from the new buyers funds. I hope this makes sense now.
Tanya
thanks a billion
Tanya1215!!!!!!!!!!!!!!!!!!!!!!!!!!!
Shortsale,
What happened to pbodys answer? Also have you ever worked a deal like pbodys approach before? Do you think that it is even legal?
That answer works for me.