Short sale process
I am new to short sales...always done REO's. I figures since I am in CA I might as well learn as almost everything is upside down here.
Here are my questions:
1. Is the realtor the one who negotiates the short sale? How is this done without a buyer?
2. I have heard that once the short sale amount is approved you can have your realtor put the house right back on the market for quick sale......how can you do this without having to first close and transfere title? Is that the process?
3. I hear about double closings, how does it work, if I have a buyer lined up?
If I could get some guidence that would be great. I am sure I'll probaly have a few more questions but this is a start anyway.
Most Popular Reply
You should negotiate you're own short sales. Have the buyer sign an authorization to release form and submit it with your hardship package. That way you can talk with the bank directly.
You can market the property for sale once you obtain an equitable interest.
Find a title company that is experienced in double closings. There are two sides of the transaction: A-B and the B-C.
A= Homeowner
B= You
C= End Buyer
The A-B is typically funded by a transactional lender (or if you have cash) you'll need to find one. A good title company already should have one lined up for you. The B-C transaction will take place within 24-48 hours of the A-B. The end buyer will need to have their financing lined up or be a cash buyer. They cannot be an FHA buyer. Communicate to the end buyer what is taking place so the lender doesn't balk on them. Good luck.