Info On Short Sale
Can anyone please inform me of the procedure of a short sale. I have only done a few rehabbers, but I have a deal that rquires more ****Must Reach Freshman Investor status before posting URL's***he 1st $125, the second is 10,000 they are motivated sellers and just looking to pay off the bills.
The first step is to prequalify the deal as having short feasibility. The Sellers must have experienced a bonafide, financial hardship and would not otherwise be able to cure the default, and/or pay all that is owed. The mortgagee must be able to consider a short sale (not all are) as a preforeclosure alternative. The numbers must make sense to all parties, and you will need continued cooperation from the Seller.
The Seller must seek short sale consideration from the mortgagee. You, as the Purchaser, can and should assist in their application. I recommend that all Purchasers devise a compelling and supportive Proposal to accompany the application.