Short Sale Questions
Is it best to have an executory contract or a executed contract when dealing with homeowners of potential Short Sales?
Next question!!!!!!
My company is set up as a corporation. If I am negotiating a short sale and I have my partner on the contract will there be a problem with the mortgage company accepting the short sale?
I don't want to be on the contract as my credit is not good. However, my partners credit is in the low 800's and is approved for up to $200,000.
Can anyone out there give advice. I don't want to establish an LLC at this time.
I'm thinking that if your contract with the Seller is contingent upon and subject to mortgagee short sale approval, the contract will be executory until the mortgagee accepts the terms of the short sale... and the Seller is permitted to accept the terms of your Offer.
But, that's just my opinion.
could someone pleas respond to the entire question. I am interested in knowing what the answer is as I too have investors who are interested in becoming partners and using their credit for these deals.
Not really following your question... but generally speaking, the named Purchaser should close...
If your partner's name appears on the Contract to Purchase, it will be your Partner who buys, and owns the property.
Where do you fit in?
I am the one constructing the short sale deal and speaking with the mortgage company. He knows nothing about a short sale deal.
My question was since I am negotiating the short sale deal will the mortgage company look at me as the purchaser and take back their offer because I am not on the contract?
Could be a problem... why are you so dead set against an LLC when it seems like the solution to your problem?
Would that mean turning the corportion into an LLC, or creating an LLC outside of the corporation?
I usually present myself to the lender as a consultant or faciliator who works for the homeowner. I am rarely the buyer. My roommate, who knows nothing about real estate, is the buyer. The lender does not expect for you to be the buyer.
Brenda
"Is it best to have an executory contract or a executed contract when dealing with homeowners of potential Short Sales?"
what does this mean?
Brnda
You wrote, "The short sale must be completed before the contract is binding."
The short sale must be approved by the mortgagee(s) for the contract to be binding....
[addsig]
Point taken.
That is what I meant. However, I must be correct in my wording and explanations/interpretations.
Thanks SSPro.
Where can I get a executory contract?