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Updated over 14 years ago on . Most recent reply

User Stats

29
Posts
3
Votes
Arthur Barnes
  • General Contractor
  • raleigh, NC
3
Votes |
29
Posts

New to short sale deals

Arthur Barnes
  • General Contractor
  • raleigh, NC
Posted

I've got a deal that has falling in my lap. I am not new to real estate but I haven't done a short sale deal like this.

I have a house that seems to be worth $80 to $85K, the person that brought this to me has worked a short with the bank for $40K. I have someone that likes the house and is approved with an FHA loan.

I am not sure how to proceed from here. Is it best to use transactional money to take it down and sell to the end buyer? What might I run into?

Thanks in advance.

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