Posted by George Murphy on August 26, 2003 at 24:26:44:
Hello,
It depends what you want to do with the short sale.
There are companies out there that specialize in fix and flip. Basically hard money lenders that will lend you up to 80% of the value for 6 months. That should give you enough time to fix and flip the property.
If you want to keep the property as a rental, you’ll have to find long term financing, just like any rental property you would purchase.
Another option is to wholesale the short sale to an investor. My friend just did this. If you find a good title company, you won’t need any financing for this. As long as the title company schedules both closing on the same day you’ll be fine.
Hope this helps