Short Sale Question?
Hi All,
The lender I am dealing with requires a listing agreement which I understand is customary. How do I go about finding a realtor that will take care of this. What typically will be their fee?
I already have the owner's complete co-operation on this transaction but, he has vacated the property & lives 5 hrs. away now & I live 11 hrs. away (out of state). When he looked into putting it up for sale, he had no equity & it was going to cost him $10K to sell (after fees, etc.).
Thanks to anyone that can help.....
Steve
Before you spend any serious time on this, find out if the mortgage loan in question is FHA insured, and if there are any junior liens. An FHA preforeclosure/short sale requirement includes that the premises be owner occupied. No sense seeking a short if he has vacated the premises. It's possible, but problematic.
I can help you with a (local to the premises) real estate broker who can provide the necessary listing and sale documents, access, and local closing cost data (for your estimated HUD 1).
Email me privately.
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