Funding for Short Sales

[baldyguy]

Do lenders have a problem if I try to do a double close on both the 1st and the 2nd?

Baldyguy_

Don't follow on your 1st question, please elaborate. As far as it being a cleaner transaction
by paying off the 2nd that's fine.My point was that you do not have to do it. Personally I do
not believe that it would be any cleaner unless the 1st does not want the 2nd to get any cash.
If the 1st does'nt care then why do you?
Also there are still many title companies that cater to investor related transaction, it should'nt be
a problem finding them.

[wealthrx]

Do lenders have a problem if I try to do a double close on both the 1st and the 2nd?

In general you Do Not want the lender to know what your intentions are with the property.
Personally it is really none of their business unless you make it their business.
The lender(s) should only see that you are the person buying the property from the
seller for the agreed upon price. Once they approve that part of the transaction then
you should be free to do as you wish with it. Most of the time if the 1st is taking a big
hit on their lein they won't allow the 2nd to receive more than a couple grand. If the
2nd wants more than a couple grand then you would be better off paying it before
presenting closing info (Hud-1) to 1st.