positioning to the banks

sewa profile photo

i asked this question before, but did not express it well so i will try again:
when i approached the bank on a short sale, they kept asking me what is my relationship with the seller. i said "a friend". they said they will only deal with the homeowner or with the homeowner's realtor on a short sale, not a friend who is the buyer.
when you say you are a friend or just the investor/buyer, the banks would seem less interested in you bc (as we learn in the course) the banks are reluctant for an investor to make $ where they lose $.
so, i would like to be able to tell the bank that i am the realtor of the homeowner, but then how can i also be the investor? could i say they pulled me in to help bc i am a realtor and i just happen to be the buyer as well? i do understand i must disclose and that i cannot make a commission as the buyer. i just want to be able to use my credibility as an agent to get in the door with the banks, but also be able to buy. sorry so long.

Comments(3)

  • joel4th April, 2003

    When dealing with the short sale deals that I have done, none of them had a problem with me calling myself a friend of the seller.

  • daveh4th April, 2003

    I call up and say,"I'm a friend of the seller and I want to buy the property. I have a signed authorization to release information form, can you give me your fax number or mailing address so I can send it over."

    I then call them back immediatley after they have it in hand and tell them I want to buy but the home isn't worth what's owed on it and away we go. Never had a problem so far.

  • SharonRestrepo5th April, 2003

    Sewa- I am a broker, so I must disclose that on the sales contract anyway. I contact the bank as the buyer (period). The fact that I am a broker may or may not come up. It's going to depend on the bank in most cases and what they require to justify a short sale. As long as you have the authorization to release info signed by the owners, the bank has to talk to you. The fact remains that you cannot pay what is required and are requesting a short sale. One tip that may help is that you move the property into a land trust (provided you can do this in your State) and become the Trustee or have your company become the Trustee. As soon as I tell the bank that I'm the Trustee regarding the property, they assume that I am court appointed and we go from there. Do not let anything become an obstacle to you. Some banks are difficult, but in the end it pays off. Best of success.

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