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Updated about 15 years ago,

User Stats

76
Posts
2
Votes
Justin H.
  • Rental Property Investor
  • Raleigh, NC
2
Votes |
76
Posts

Wet funds problem for double closing

Justin H.
  • Rental Property Investor
  • Raleigh, NC
Posted

I've got a short sale in progress. The lienholder is Wells Fargo. As a part of their short sale package, they want a preapproval or proof of funds for the buyer. I can't get wet funds until I get both A - B and B - C in contract and short sale approval letter from the lienholder. What do I do? Are there transactional funders that don't require short sale approval? Can I start marketing for B - C legall and ethically now?

They also want a listing agreement or something talking about how the property was listed, for how much, for how long, etc. They said it does not need to be marketed for 90 days, doesn't need to be in the MLS or have a realtor. I couldn't get a clear understanding of what they are actually looking for. Any idea?

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