Need advise on funding first Short Sale - Posted by Lubasha

Posted by Matthew on August 15, 2007 at 11:50:05:

Make sure your end buyer financing will allow pass thru financing.the second buyer paying of the first(you) and title insurance- no seasoning on home. This is generally not allowed other than very particular lenders. Ask your title how you are getting it done and then ask the Mortgage broker who is setting up the financing to co-ordinate with the title co.

Need advise on funding first Short Sale - Posted by Lubasha

Posted by Lubasha on August 13, 2007 at 22:07:35:

I expect that I might have to do double closing in one day for first Short Sale. My credit score is not bad. I tried to get loan in regular bank for property in SS but they look at my income rather then at the score and don’t qualify for this loan. If there is a chance for me to structure this deal with HML, and if yes, how it works?

Any input would be greatly appreciated.

Lubasha

Re: Need advise on funding first Short Sale - Posted by ken

Posted by ken on August 14, 2007 at 11:17:33:

If it can be done the same day just use the buyers money to pay for it.Sell the house in the morning contingent upon buying it later that day.Have the purchase closing in the afternoon.The money is in your attorney or title company escrow account.They pay for the house and all expenses and write you a check for the difference

Re: Need advise on funding first Short Sale - Posted by Lubasha

Posted by Lubasha on August 14, 2007 at 16:47:30:

Ken,

Thank you so much for this idea! This is my first Short Sale and I am really got blurred in understanding how to finalize the deal. Yes I got agreement with a Title Company that we will do double closing in one day but in reality I still donâ??t know how it happens. My client has already a contract from buyer with clause that property is a subject to successful short sale. Do you mean I can use this contract with a homeownerâ??s name? Do I have to write a deed (where to find a form?) and how this works?

Questions, questions… it is easy when you know but when you donâ??t you can spend whole life in dark no matter that it was so easy to turn on the light.

Luba

Re: Need advise on funding first Short Sale - Posted by Danny

Posted by Danny on August 29, 2007 at 16:07:59:

Luba,I can make out a deed for you for a one time charge based on your sales price.Otherwise,I would suggest visting nupplegal.com,they have legal forms for a small fee.