Made The Ultimate... "boo-boo"
Received and recorded a QCD. I am able to sell this property on contract for the amount owed to receive about $2-3k profit over 2 yrs. Problem is it requires a $4k initial investment. I do not like this. After receiving this property, of course, hidden costs came up in repairs that NEED to be fixed. The contract buyer is a rehab guy. The bank is Homecomings Financial and by talking to them I am fairly sure i can get a good short sale on it. Their payoff is $41k. I'm fairly confident I can get it a bit lower. Back to my original big problem, recorded the deed. So I guess my question is, has anyone ever recorded a deed and still been able to short sale with the lender?
Thanks
Chase
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