OfflineI am looking to purchase the deed of an owner who is doing a short sale. The reason why I'm doing this is because I just don't want to wait for the short sale to finalize before purchasing it. The owner will also be signing the paperwork to allow me to negotiate with the bank on his behalf.
Besides the fact that the property is underwater, what other issues should I be concerned about if I take title to the property even though the mortgage will still be under the seller's name? I understand that I will be responsible for the mortgage indirectly because if the mtg payments are not made then the bank can foreclose on the property. I also understand that when the property transfers hands it could also trigger the due on sale clause on the mortgage.
Please advise on any other issues that may happen that I missed. Thank you.
Any advice?
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