New To Short Sales
How can I make money off of a short sale? If I negotiate a deal for $150K on a house worth $170K, How do I turn the equity to cash? and how does the seller get anythig cash? Most people I met either want to keep their house, or they want some money in their pocket for their house. They dont just walk away from it. Please help me to understand.
Hi,
I've been reading a small bit on Short Sales, but one of the items specifically mentioned is that MOST lenders will have a contractual clause disallowing any monies to be paid to the homeowners.
Therefore, how do you get around this to give the homeowner some of their equity back? Of course, I understand that, as you just stated, a "short sale" usually involves a small/no equity.
What is everyone's general experience. Are you seeing this clause in your lender's contracts?
Thanks.
You can, outside the scope of the transactional HUD1, agree to purchase personal property from the Homeowner including but not limited to applicances, artwork, floor coverings, window treatment, etc. Or, you may contract with the Seller for services including a trash haul out... You may offer the Seller $5,000(?) to leave the property in a broom swept condition...
Or, you may consider making a tax dedictible, dedicated contribution to a non profit organization... who, in turn, would make a gift to the Seller.
Easiest way? A handful of Franklins under the table.... but only after they've moved out.
[addsig]