Help! First In Line....
MV = 192K
Bank One = 190K
Realtor has worked seller to agree on SS and has listed this in the MLS for 5 days. I believe we are the only one working the SS right now.
The realtor indicated he has talked with one Loss Mitigations specialist at Bank One...still does not have a SS pkg.
How do I get the Realtor to get us an exclusive Mortgage Release authorization form so we can work directly with the lender and ensure no one comes from behind us and lose the deal?
I have requested that we meet face to face with the realtor and seller and walk through the property tomorrow.
We have cash ready to pay asap. Do all of our steps have to go through the realtor and he communicates with the bank? How do we move forward?
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Why do I get the suspicion that the realtor is not interested and actually offended by my offer of 20% below FMV?
You'll need the Seller's cooperation to participate in a short sale. Best to have a meeting of the minds with the Seller before you waste a lot of time.
See if you can find my essay, 'Prequalify a Short Sale Candidate" on this site. If you can't, PM me and I'll send you a copy in Word.
[addsig]
Why is the realtor not happy you ask? Because your 20% below market offer means 20% less to them silly. Not meaning to insult, but that is their motivation and they know nothing of short sales probably and investors either I would wager. Yes, you need to talk with the seller and get them to push the realtor aside (the realtor can still get paid from the bank (i think max 5%) not from the seller). You need to take control of the short sale and be able to negotiate back & forth between bank & seller. Explain to realtor you need to do what you do (they had their shot and still get to stay in the deal).
Good luck,
Kelly(WI)