Wet funds problem for double closing

[Justin H.]

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?

[Justin S.]

The transactional lender will give you a POF letter. Contact Will Barnard, he is lending right now.



Just tell them it is for sale by owner and this way they do not have to pay agent commissions. I closed a WF deal last month and asked me the same thing. They will send you some forms to sign asking for a listing agreement. Just write "For Sale By Owner" on them and you should be fine. Good luck.