Posted by FreeShortSaleTeaching.com on July 16, 2009 at 14:06:37:
In Reply to: Re: short sale question posted by Mary - CA on July 15, 2009 at 10:40:14:
Mary, we've done plenty of short sales where the borrower was current on payments. So you may be able to get a short sale going, even if you think they don't qualify. Here's how you want to approach this:
1. You as the third party needs to make an offer to the lenders. Notice I said lenders, with an s. You will need to make offers to both. Make the offers just below what the current value is.
2. Once you have gotten a final answer from the lender as to what they will accept as a short sale, both the 1st and the 2nd, then the tenants can go ahead and buy it either directly from the owner (your friend) or from you if you do a double closing. Obviously, buying it from you would leave you with some money in the deal, which is a nice bonus for helping your friend.
NOTE: Just because the tenant wants to purchase the property, doesn't mean they have a financial report card healthy enough to qualify for a loan. Before you start all this work, I suggest you send the tenant to a mortgage professional to verify that they can actually get a loan.