Short sale funding for only 1% ?

**wallmann** · 10-29-2008, 04:41 PM

Has anyone tried the new funding for short sales
where they only charge you 1% + $300 after you
flip the property?

If so, could you tell me how many you have done and
if it's true that your credit is not an issue? And
are they still having the live webcast this evening?

Thanks

**Fate** · 11-28-2008, 10:13 AM

How does this work???

**wallmann** · 11-28-2008, 10:23 AM

Cost of Funds is 1% plus $300 flat fee all paid from our profits at closing.

Let's say we can buy a home worth $200,000 in a short sale for $100,000 and resale for $150,000.

We keep $50,000 minus 1% (1,000+$300 flat fee). We pay for the use of the money from our profits at closing, meaning no cash out of our pocket to use the funds.

Here

**Fate** · 11-28-2008, 12:50 PM

So this would be a double closing and you are funding this for a same day closing, right? So If I have a buyer at 150,000 and I can get the property for 100,000, the funds are sent to title to justify a double showing funds from me and the first part and then we immediately flip to investor same day. So no holding time allowed for a search for a buyer, right? This would fix restrictions on same day closings where the new buyers payment funds the new sellers (upfront) mortgage which are now being implemented in some states.