Newbie W/first Shortsale
I have a lender willing to consider a short sale, do I make the offer through the realestate agent to the owner and get a sales contract contingent on the bank accepting my offer in full? I'm supposed to send them a package showing net to the bank.
Since you've already spoken with the mortgagee, it would follow that you have the Seller's cooperation. Have the Seller call their listing real estate broker (or broker's agent) to a face to face meeting to devise the Contract for Sale.
The offer should be made subject to a liteny of items typically required by the mortgagee...
The real estate broker should be made aware that the r/e commission will likely be reduced... and the Seller may or may not be facing a deficency to be repaid, and or a tax consequence resulting from the short sale.
Better to face these issues early on instead of having flares up later on.
[addsig]
Thanx for your help. If I made the offer contingent on no recourse on the seller would that help? or would the bank object?
The bank doesn't much care what you write in the contract between you and the seller... it will or will not issue their standard short sale approval... on their terms and conditions. Then, once you see what they are, you'll either proceed, or not.