I am considering purchasing a short sale as an investor (paying cash so no loan involved) and have already identified a cash buyer for me to sell the property to after my purchase.
When inquiring about a simultaneous closing with the title company, I was told the seller's lender (who approved the short sale) might have a clause to reinstate the loan if I flipped the property to another buyer within a certain time frame. I never heard of this. Has anyone experienced or seen this? What is that time frame?
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As Brian mentioned many investors/servicers have deed restrictions. can't resell for over 120% within 90 days, etc. This is common for HAFA short sales as well.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com