How do i do a no money down short sale on a home i want to buy for investment purposes?

Applying for the mortgage will be the same process as any other property purchase. Get yourself pre-approved first.

Having the current bank approve the short sale is a separate issue.

You can't do a short-sale because you don't own the home.

What you are probably referring to is the homeowner that is selling you the home is doing so via "short sale".

The lender that holds the mortgage usually has to approve the short sale (for a final sale price), but whether or not you can purchase it with no money down has do to with your personal credit rating, and has nothing to do with the home you are purchasing.

Be prepared for a long-drawn-out contract, because you are dealing with a lender that has to approve it, and not an individual homeowner.

Your best bet at finding distressed properties or finding homes that are about to be foreclosed upon is to contact a good Realtor and have a lot of patience. You will want a Realtor that has experience in dealing with short sales to help increase your chances at getting the short sale approved by the lender. If will be hard to find properties that will be sold via short sales though as this is not something advertised in listings or anywhere. As for a no money down mortgage on an investment property at this time, this is going to be extremely difficult at this time. There are very few lenders who are willing to finance investment properties with no money down any longer. Your best bet would be to contact an experienced mortgage broker for this and probably try to figure out a way to come up with 5-10% for a down payment.

Marry is correct, but before you sign any contract get approve for 100% ffinancing on investment property, maybe it's impossible this days. You have to call allot of brokers and bankers.Good Luck!

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