Short Selling Through Purchased Notes?
I have been dealing with a guy that has a plan that would allow me to get a letter of intent, short sale it with no money down, by originating a note and selling the note at closing, essentially a triple closing. Anyone else ever heard about this? Its my first time and was curious if anyone else has done this?
Thanks,
Kyle
The closest Ive heard to what I think you are describing is simultaneous closing which needs to have one payment structured in so it is in fact not simultaneous. That would be selling an unseasond note (large discount)
I've never needed the discount or gotten further than reading about Easy Money Morgage than there 6% fee (wich is better than a traditional buyer) to find out the discount
Essentially yes, but it would be a triple close through escrow accounts. I buy with the note money that I originate and sell to the note buyer. Also the discount is huge, but after I factored in closing costs and loan fees times 2 it came in at around the same costs just faster.