K guys here is the situation of this short sale I have been working. I need any advice on how and if this is still going to work.
I have a retail buyer that wants to submit an offer on the property. We have verbally agreed on an offer of 200k with 5k by seller towards closing costs. We agreed that she would cover all other costs. So the numbers look like this:
195k net to me
short sale of 186.5k to the bank (awaiting approval)
Spread of $7500.00 profit for me
Are there other costs associated with the transaction that I am not taking into consideration.
Some of you may be asking who owns the propety?
We created a trust agreement about a month ago but have yet to record it. We did not think that the deal was going to go through and I was working with another partner on this.
I AM NOT THE TRUSTEE my partner at the time was the trustee and he is no longer involved and I am working this solo now. Can I still record this trust and just do an addendum for a change of trustee or will this create title issues? Is there a easier way for me to get paid on this?
Could I just get a power of attorney to simplify things? Someone told me that if I did it this way I may be looked at as being a broker but I am not licensed.
I am receiving a lot of pressure from the buyer to move forward on this but I feel that I am stuck. Will they be able to deliver free and clear title if I record the trust in the next day or so? I know I have asked a lot of questions but I appreciate any input that anyone has to offer.
Thank you for your time.