Finally An Acceptance Letter!
After four months of structuring short sale deals, I finally got my first acceptance letter. Then, two days later, another one came through. Two in the same week after four months of nothing.
Oddly enough, I am not as exicted as I thought I would be. I only have the funds to do one of the two and would like to wholesale the other.
Even though the "Short Sale Pro" thinks it is too much work to go through all that trouble just to assign for a small fee (and I agree) I say, in this case why not? I would rather make something than nothing. Even if it is only a few grand. I just need to find a buyer.
My question is, both letters are filled with strict non-assigning, no changes on the HUD, etc. language. Do I just try to double close the other deal? Any input?
P.S. the lenders are only giving me 30 days to close so time is of the essence.
you can assign short sales?
I am JUST getting my feet wet with short sales so this area is brand new to me...sorry for the ignorance!
To anyone else reading this post.
I created this topic to try and come up with some creative ways to "help" this homeowner.
I would appreciate some constructive advice, not just criticism. [ Edited by WeAllWin on Date 05/08/2005 ]
That is why I include plenty of language to protect myself. I suppose the homeowner could attempt to sue but why would they? I am the one helping them. Besides,any lawyer that looks at this contract would see there is no basis or merit to litigate. Also, where would the homeowners find the money to retain counsel? Remember, they are in foreclosure ( that means the have no money).
As far as the original lender, how could they sue? My contract is with the homeowner, not the lender. By issuing an acceptance letter, they are giving me the option to buy at the agreed upon price and terms, NOT the obligation to buy.
This is not to be misconstrued as legal advice. See your own attorney if you doubt any of this.