Short Sale Buyer wants to close in his name

[Lafi S.]

Hey guys, so I have a cash buyer on one of my short sales that wants to close with the bank in his name. We already agreed to a price and he showed me his POF so I know he is serious. Now the bank is asking me to submit a final contract and I am wondering what is the best way to do this....Should I ask him to pay me the difference in price now and hold it in escrow until we close? That way I will continue to negotiate but it will be in his name. Or should I just add him to my own contract and then back once we have an approval letter.

Thanks for any help...

[Justin S.]

What is the cash buyers motivation for going around you? If they are a cash buyer, then you no seasoning restrictions and can do a double or simul close.

In my opinion, you lose control of the deal if you allow him to close. By placing money in escrow, and making that money contigent on when he closes makes you an agent not an investor.

I would go back him to and state he needs to buy the property from you, and after you buy it from the homeowner or no deal. If its a good deal, there will be another buyer who wants it.