Preapproval clarification

I have submitted the short sale pkg but an investor/rehabber is buying with access to someone else's funds. Preapproval is in another name. Does anyone know if this will be allowed by the bank? The investor tells me they do it all the time.

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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on September 8, 2013 at 3:48am

There would have to be some written agreement between the parties or is he going to do an assignment of the contract to a third party - ie the one with the loan approval? Don't think the buyer is disclosing the relationship.

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