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Updated about 9 years ago,
Shortsale with no cash!!
Hello yall, im working on a short sale deal but with a potential of a good value. However id like to use either private funding or hardmoney. This will be my first deal and i have questions.
Most Important is i wanna sign the contract so that i can secure the property, is this typical on a shortsale or is it expected to buy immediately via financing or cash?
Because its a shortsale...
When i sign the contract can i out down the standard 1% down? Im not opposed to put more to secure the deal?
Will i still be able to sign a contract on it while i get my cash to buy it? Or do i need to begin the financing immediately?
I wouldnt be opposed to wholesaling it, can this be done?
Im working with a realtor who has the deal from the bank. Who or what do i need to secure? Title co? Broker? Attorney? My own realtor?
I need to help with the paperwork legalese, should i consult with my own realtor to cya?
I guess imma learn as this goes but a handy a-z would be nice?
How invested is the realtor that has the home? I feel like asking questions such as...
Are there any liens
Back taxes
Hoa fees
What else should i ask?