Getting Cash At Closing On A Short Sale Possible?
I have heard of people getting cash at closing on a short sale. Can someone share a technique or two? Thanks.
I have heard of people getting cash at closing on a short sale. Can someone share a technique or two? Thanks.
How about explaining what you have heard. Just to make sure that everyone is using the same terms of reference and so we can explain what you have heard if it is accurate.
John
[addsig]
double close with a partner or other.
regards-pat
One possible way you can almost always get cash at closing is by getting a loan amount larger than the short sale amount. Ex. If you get the property at 75% FMV, and you get a loan thru hard money (or a nice lender!) for 80% FMV, you get cash at closing!
Chris
I doubt that the selling bank would allow a pruchase price higher than they have agreed to take for the short on the loan.
That is a good question, offhand I would say that you would almost have to do it with hard money.