Short SAle Question
have a quick question regarding a short sale. I have a candidate for a SS and the owner has finally agreed to consider it. He has contacted the bank and the bank is willing to consider a SS. Problem is I have no idea what the bank will consider. I have had the owner discussing the situation with the bank and he has not received the info yet. Supposedly he was faxed a form and it was never received since he lives out of the country. So, if I cannot get a good idea from the bank on the price they would accept, should I put it out for investors and see what offers are made and submit them with the SS package or wait. (I am working on getting the owner to give me the authorizaition to discuss his account but he seems reluctant to agree to anything quickly.) Time is now growing tight as I see this property going to auction in October. At this point I am hoping that we can get some sort of idea on a price the bank will accept before waisting investors time and mine. I would appreciate any advice on this anyone can give.
One last thing. On a SS what is the best way for a wholesaler to get paid. A seperate contract with the buyer or double close. Personally I would prefer to avoid the double close and it associated fees. Any advice on this and the potential pros and cons of each method.
Thanks