short sale strategy

[Ashley Kebreau]

Hey BP! I'm looking to purchase a property and planning for property #2. There's another home in a great area that's listed as a short sale. I'm told the short sale process can take up to a year to be finalized. If I purchase property #1 and brrrr, use the $$$ to put towards property#2/ the short sale if my offer is accepted by the bank.

Questions:

1 Is this feasible?

2 Can I use a conventional loan or FHA to purchase a short sale? Or is it cash only?

3 Will I have to put $$ in escrow during the short sale process/ hold period?

4 What do you suggest in planning for a short sale purchase?

Thank you 😊