First Time Short Sale Attempt
I am trying my first short sale. The Loss Mitigation dept has asked for the listing agreement I have with my seller and a letter of authorization. Should the listed price be inclusive of everything my client owes or just an amount that would be pleasing to the loss mitigation guy? I don't want Loss Mitigation to question why I'm selling the house for $123,000 and my CMA says its worth around $85,000. (Seller owes about $103,000 on mortgage-Not including prepayment penalties, $7,000 in back taxes )..................
The listing price should always,always,always be at the property's as-is, fair market value!
Irrespective of the amounts owed.
You say "your listing agreement with the Seller...." Are you a real estate broker or broker's agent?
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Thank you so much for your response. To answer your question.....I am the broker's agent. My broker is not familiar with short sales.
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If the mortgage to be considered for a SS is FHA insured, they have some new listing language that must be included in the listing agreement... in addition to the standard SS contingencies.
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