Can You?

Comments(8)

• 
  foreclosurelender17th December, 2004

  I have done both at the same time, and settled other debt such as credit cards, water bill, taxes etc. all so as to lower my cost of all the leins on a property. ( lower the LTV)

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  focusonmoney17th December, 2004

  So what if i finish shorting with the 2nd first how would arrange that deal to my end buyer (investor) that im flipping the property to?... Should i wait until i finish shorting both so the end buyer can pay the whole amount for the property? or should i let end buyer pay for the 2nd and 1st seperate??.....
  
  
  thanks.......

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  THEhomesource17th December, 2004

  I have done both, and I always think it is best for your buyer to pay for everything so you don't have to pay $ out. Try to schedule a closing date that the 1st and 2nd agree to. The only problem I have run into is that some first's will only allow a second to be paid so much,and then only so much more money to jr. lien. (most jr liens are very negotialble also.) This will all be shown to the 1st on your net sheet or HUD-1. If a 2nd asks to see a net sheet I usually just do not include it in my packet and they don't really pursue the issue. They should just be happy getting a little cash since they are likely to receive 0 if the home goes to sale.
  Happy Short "Sailing"

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  focusonmoney18th December, 2004

  Just say i dont want to use a investor for my end buyer instead i want to use a qualified homebuyer to close the deal..How can my qualifed buyer get a loan and close with in 30 days since most conv mortgages takes about 2-3 months for the whole process?...
  
  
  thanks.........

• 
  myfrogger18th December, 2004

  A good mortgage broker with a properly prepared loan package can close a loan in under a week. This would require them to close a lot of loans and know the strings to pull to make things happen.
  
  A residential loan salable on the secondary market should never take more than 30 days to close....and that is a worst case senario.

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  focusonmoney18th December, 2004

  thanks for sharing that info....

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  amynewbie18th December, 2004

  my frogger do yu use a mortgage broker to do your short sales??

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  focusonmoney18th December, 2004

  so my fogger can i do a double or simultation close when i get a qualified buyer because thats what im plannig to do.....