Financing Short Sales
Just curious about how people with limited cash typically finance short sales. Do you get preapproval from a mortgage co. and bring that to the table when making offers on short sales? Are short sales well received by mortgage brokers? It seems they would be with lenders as you should be starting out with 80% LTV or less, right?
In order to get a good price and their attention... cash talks to the short sale...
set up a line of credit with a private investor or hard money lender....they work on ltv as opposed to your credit
If you aren't prepared to acquire your negotiated short sale, perhaps you should try a different technique. As far as short sales are concerned, it is less problematic to be a principal. Cash is king.
I've read that when negotiating with the lender for a short sale, they're reluctant to deal with a legal entity. So therefore you should purchase the property as an individual, in your own name. Is that really the best way to go?
Jamie