Short Sale Help- Please
I have sent in the required items to the bank plus pictures, etc.
But I am confused. I gave the bank a purchase offer from me and said I can close in 30 days. I sent in all the required stuff they wanted from the customer, hardship letter, etc.
Should have I gotten the deed before I did anything or am I doing it right.
It is a 1st that is going to foreclose with no 2nd. It is a rehab property.
Also, when doing a short sale on the 2nd for a customer should I get the deed before I do anything?
Thanks for your help. I am getting leads now and do not want to fumble.
Robert in California
If this is a deal that makes since, then you should be the owner of record. If not the customer can flip on you and sell the property from under you.
Some investors get deeds. Some investors consider it "deed snatching" and an unsavory practice.
Others run naked or record a "Memorandum of Purchase and Sale Agreement" signed by the buyer and the seller to cloud the title if another investor poaches your deal.
I have done all of these things at one time or another.
There are no fixed rules. Whatever floats your boat.
[addsig]
Now the hardest part is waiting- be patient. the bank always waits between 1 week to 10 days before they will respond. they do this so that you get anxious and offer more for the property. Be Patient.
Thank you all for your help. I am coming across a ton of these for short sale in California. I get atleast 1 lead a day. Your help is really teaching me alot.
Robert in California