Comments on: More Double Escrow Alternative Funding Questions & Answers http://www.bestshortsales.com/articles/more-double-escrow-alternative-funding-questions-answers/ Mon, 06 Feb 2012 08:39:21 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: Cody Sperber http://www.bestshortsales.com/articles/more-double-escrow-alternative-funding-questions-answers/comment-page-1/#comment-335 Cody Sperber Thu, 30 Oct 2008 00:11:02 +0000 http://www.bestshortsales.com/articles/more-double-escrow-alternative-funding-questions-answers/#comment-335 Derek, I think you could accomplish the same goal using an option contract to double close your short sales to conventional end buyers. The process would go like this: The homeowner would complete and give you all the normal short sale paperwork along with an option contract for what you would want to purchase the property for from the lender(s). A pocket listing would be generated from your Realtor to the homeowner and kept in your file if the lender ever asks if the property is listed! You record your option You package, propose, and negotiate the short sale with the lender(s) You influence the BPO and follow up so you can gauge where it will land You then create an active listing between you and your Realtor for an amount higher than your expected BPO but still under full market value! The key here is to wholetail the property to an end buyer that actually wants to live in the property. You then get your escrow company on board to double close your short sale You get an acceptance letter from the lender(s) You use the second leg of your transaction to fund the first (this can be done with non-FHA conventional financing) as long as your escrow company has the proper paperwork to facilitate the double closing. Sometimes you may need a one day "bridge" loan to satisfy an "ownership" requirement from some major lenders. I hope this helps and feel free to contact me anytime for any advice on short sales! Cody cody@sellquickforcash.com http://www.SellQuickForCash.com P.S. Your company www.LiveFreeInvestmentGroup.com is awesome and I would highly recommend any investors in Arizona to check them out! Derek,

I think you could accomplish the same goal using an option contract to double close your short sales to conventional end buyers. The process would go like this:

The homeowner would complete and give you all the normal short sale paperwork along with an option contract for what you would want to purchase the property for from the lender(s).

A pocket listing would be generated from your Realtor to the homeowner and kept in your file if the lender ever asks if the property is listed!

You record your option

You package, propose, and negotiate the short sale with the lender(s)

You influence the BPO and follow up so you can gauge where it will land

You then create an active listing between you and your Realtor for an amount higher than your expected BPO but still under full market value! The key here is to wholetail the property to an end buyer that actually wants to live in the property.

You then get your escrow company on board to double close your short sale

You get an acceptance letter from the lender(s)

You use the second leg of your transaction to fund the first (this can be done with non-FHA conventional financing) as long as your escrow company has the proper paperwork to facilitate the double closing. Sometimes you may need a one day “bridge” loan to satisfy an “ownership” requirement from some major lenders.

I hope this helps and feel free to contact me anytime for any advice on short sales!

Cody
cody@sellquickforcash.com
http://www.SellQuickForCash.com

P.S. Your company http://www.LiveFreeInvestmentGroup.com is awesome and I would highly recommend any investors in Arizona to check them out!

]]> By: Derek http://www.bestshortsales.com/articles/more-double-escrow-alternative-funding-questions-answers/comment-page-1/#comment-282 Derek Sun, 24 Aug 2008 06:01:45 +0000 http://www.bestshortsales.com/articles/more-double-escrow-alternative-funding-questions-answers/#comment-282 Oscar, when doing double escrows with short sales are you using trust to take title? if not how are you getting around seasoning issues? are you using options? or are you selling only to buyers who are paying cash? do you have a nation-wide title company who will close these? we have over 600 active short sales in our company in 8 states, it seems if most title companies are scared of these types of transactions? your thoughts are appreciated. Derek derek@livefreeinvestmentgroup.com www.LiveFreeInvestmentGroup.com Oscar, when doing double escrows with short sales are you using trust to take title? if not how are you getting around seasoning issues? are you using options? or are you selling only to buyers who are paying cash? do you have a nation-wide title company who will close these? we have over 600 active short sales in our company in 8 states, it seems if most title companies are scared of these types of transactions?

your thoughts are appreciated.

Derek
derek@livefreeinvestmentgroup.com
http://www.LiveFreeInvestmentGroup.com

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