Short Sale in Philadelphia

[Susan Mhone]

Hi all,

I am a new wholesaler looking for some insight on a short sale opportunity. The seller and l are meeting on Saturday to view the property and she has positively indicated that she will sign my contract. She has indicated that the offer needs to be make to the bank with earnest money deposit, and she has recommended the title company that she used to buy this property less than 10 years ago to do the closing as they already have the title records. My questions:

1 - Does the earnest money deposit for the offer stay with the title company until the offer is accepted? or do l stand to lose this if l cannot find a buyer?

2- Can l use my "assignment of contract" form or this is not required in this case...if so, how do l ensure l get paid when l do have a buyer?

I guess lm a little confused as to what contracts l need to have with the seller in a short sale situation.

Any suggestions will be GREATLY appreciated!

Susan
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[Jack Barry]

Hi Susan,

It can be a lengthy and arduous proceed and my question to you is...why do it without an agent? You don't pay, the seller doesn't part. The bank pays. Would it make sense to have an experienced agent run the entire process?