Short Sale Committment?
I am in the beginning steps of initial SS opportunity. Just curious to know, if I begin talks with mortgage holders and reach an agreement with 2nd note holder, while continuing to work with 1st note holder, am I on the hook for anything if I can't complete the deal?
Any concessions and or requirements by the mortgagee will be for the mortgagor. Hopefully, your Contractual Agreement with the seller is contingent upon mortgagee short sale approval.
SSP,
Thanks for the reply. I have done my homework, for the past year, attended seminars (Kaller, etc...) and now have my first potential opportunity. I am meeting with them today, and want to have all of my information correct. This forum is fantastic for the inexperienced but hungry real estate investor! I am getting my authorization to release, loan numbers and such, and hardship letter today. Is there anything else I should get from the homeowner? They are currently trying to sell on their own, and I told them all I could do would be to provide another avenue of help to them. Any advice on what else to ask for or clarify with them today? Thanks so much!!