Investor Buyer

[kaye_ca]

Hi,

I currently own a home (primary residence). We are already one month behind our payments due to spouse losing his job. Our HAM loan mod was approved but we still could not afford the house (payment was decreased by $200 only). So, we are planning to start our short sale process soon.

A friend referred us to an investor who is willing to buy the house and negotiate with the bank. They said they are able to pay in cash. They have given us the Notice of Default Purchase Agreement and have informed us that we will also have to sign an Equity Purchase Agreement.

My questions are as follows:
1. Will there be any advantage in getting a buyer who pays in cash or not in terms of bank negotiation and approval?
2. Can somebody please explain what the NODPA and EPA agreements are? What do they represent?
3. Also, any information/tips on what I need to review and be cautious about will be a big help.

Thanks!