Funding Deal, And Timing
I am working on a short sale right now, which is drawing to a close. The appraisal should be back to the lender early next week, and I should a decision (and a price).
The foreclosure date is set for Feb12th. I'm not sure how I'll fund the purchase of the property, but most likely I'll have to get a mortgage.
Should I go ahead now and get the loan approved, or wait until I get my price from the lender.
Do you realistically expect to be approved for a mortgage loan... (appraisal, survey, title, etc.) in such a short time?
If you are going to pursue shorts... you should have a business plan, and your financing/method of payment preapproved.
Yes I can get it approved in such a short time (I work for a mortgage broker)
My question was more of what are the more common exit strategies, and methods of funding short sales.
I was just posting hoping to get some good information on exit strategies.
An exit strategy depends upon your own, individual investment objectives...
To acquire a property via short sale... you should be prepared to close within the short window permitted in the mortgagee's terms of approval (usually 30 days or less).
Typically, before a mortgagee renders it's decision to accept or reject a short sale proposal, the Purchaser will have to demonstrate an ability to close. So, you might want to provide a prequal letter with your Proposal.