I have negotiated a short sale with Countryide (1st lien holder) and HomEq (2nd lien holder) for a property in preforeclosure status. I have gotten Countrywide to discount to 83k and HomEq to discount to $2500 for a total of $85500.00. I have an end buyer lined up who is waiting to purchase the property for 115k with financing through Option One. Everyone is ready to close...but there is a problem. Option One, along with 99.9% of the other lenders in the country have seasoning issues and wont fund a deal that has not had the same owner on record for 12 months! So, with this in mind, how do I collect my 35k profit. I know there are a ton of people on this board who claim to have experience with closing short sales....so I really need to hear from you. All of the Gurus out there selling short sale courses neglect this issue, which is the #1 most important issue because unless there is a way to solve this problem, these short sales are next to useless for these type of quickturn transactions.
I am sure I will get a bunch of responses criticizing me for calling them useless and claiming that they can be done with ease......and these are the people who I want to engage in conversation with so I can be enlightened on how to close these. I will ANXIOUSLY await responses. Thank you in advance for taking the time to respond to my post.