Short sale process

[Jacob Pischer]

So I have a property I need to do a short sale I have the contract from the current owners with a purchase price of 40k house arv is 115k but can cash flow and got really a lot of responses from a test rental page I made up. I guess what's my next step do I try and wholesale it first or work the bank for the short sale?

[Wayne Brooks]

In all likelihood the lender will require the property to be listed in the MLS for at least 5 days or so. So your contract you have now will need to be redone later. An experienced short sale agent will know best how to proceed.....they'll check for back taxes, other mtg.s and liens, know the requirements of the specific lender/investor,mets. This is not DIY. Also, the bank is never going to review, let alone approve the short sale if the buyer on the purchase contract submitted can't show the legitimate ability to buy, and an assignment will not be allowed, and if a Fannie Mae loan, no resale within 30 days. There is a Lot you don't know about this process yet.