Short Sale Question
I have a potential for getting a short sale deal.
Couple is going through a divorce, and tough time financially also. Because of which they are behind on their payments, and being foreclosed on.
They are already working with someone on a Short Sale. But they have a change of mind, and would like to work with me on Short Sale. Can I still do it? Are there any pros/cons to it? Your advice would be greatly appreciated.
They say that too many cooks spoil the broth. If you aren't expert in SS acquisition, then I wouldn't suggest that you try to steal another investor's deal. There is nothing to indicate that they won't s-can YOU after you spend some time on this matter, either.
You've got to determine the status of the Seller's agreement with the Buyer. Simply because they want to switch horses in midstream doesn't mean that they are contractually able to do so.
At worst, you can sumbit a 'back-up' offer in case the first deal flops...
rparik,
I'm just wondering...what is the reason they are changing their mind?
They don't have anything in writing from the other investor...and they don't trust him. They just trust me more than the other investor...that's why they are having a change of mind.
They are also willing to sign an exclusive contract with me so I can work out this deal for them.
Sorry, but it sounds odd, how could an investor be working on a short sale without anything in writing.
How long have they been "working" with him/her?