Potential Shortsale
I made an offer on a property and I found out that she can not take less than it is listed for because she has it listed with realtor and is 5200K behind in payments.
She doesn't want to to a lease option. Can I go to the back and ask for a SS packet without the owner knowing or do I have to request permission from her agent? I am new at this and want to know if I have any options and what my next steps might be? Thanks in advanced
She can sell it for whatever she wants. A realtor cannot stop a seller from changing the asking price, thats silly.
Go back to the seller and make the deal.
[addsig]
You'll need the Seller's cooperation to structure a short sale. It's the Seller who would request the short sale application from the mortgagee. You can assist in the preparation of the application.
I thought I was the one that needs to go to the bank and ask them to consider a short sale. Since I am working with an agent can I make an offer telling her that I want to shortsale the property to get her out of her problem and make myself a profit.
Hi REDRIDER9899.. Correct me if I'm wrong somebody .. isn't the "short sale" basically the same as"discounting the mortgage? " except " the lender may say they can only deal with the home owner, and they will send their "package" to be filled out by the Owner? Also the lender may ask to see a listing agreement from a real estate broker, showing that the Owner is trying to sell ? mcldavid
Hi REDRIDER98999,
You can not do a SS without the homeowners permission, they will need to be invovled. Although it is said that they homeowner has to call and reques the Short Sale pacakge, you can do it yourself as long as you have an Authorization to Release form signed by the homeowner. I have the banks fax me their package or simply fax me the required doc that they want before they would consider a SS. I take them the homeowner and they complete them, and I will fax them right back
You may find a little resistance since there is a realtor involved. Some realtors are familar with short sales and know how to facilitate them, but most agents have no idea what they are or what is involved. And remember, a confused mind always says no. You may present this to the listing agent in a way that if you can negotiate down some of the debt with the bank, will they work with you? Without getting into the nuts and bolts, this will give the listing agent a quick summary of what you will be doing.
If you can negotiate down some of the debt, buy the house, relieve the owner of the financial stress, and pay the agents involved, if there is still money left, there is not reason that you couldnt make a profit. That is what will motivate you to keep going!
Best of Success!
BAMZ
Thanks Bamz! I really appreciate the feedback