Any short sale experts still post in here?

Foreclosures, Short Sales, Tax Foreclosures
1

Seems like their are fewer seasoned shortsale guys in here than in the past. Heres my question:

I am working with an agent for the first time on a SS.

I am going to submit my offer to the bank today.

What happens if the property should get subsequent offers from other buyers before my offer is accepted? Am I cut out of the deal at this point?

Thanks all

2

If you are in-contract and close on time, you are not cut out whatsoever. Just watch out for any contingencies the realtor tries to put in.

3

Thanks for the reply rocket.

Is there another way to make $ working w/ an agent on SS’s?

Could I approach a SS this way…

Have agent list property for distressed homeowner. Agent gets offer from end buyer at X. I immediately offer bank X-20. Double close and walk away with 20?

Thanks again for any and all input

Gregg

4

anyone?

5

You will have a hard time with that approach:

  1. Will be hard finding an agent who will list the property for you when you don’t own the house
  2. If your end buyer is an owner-occupant using traditional financing, you might have run into title chain issues
  3. If you truly have a good SS deal, why do you feel like you need an agent to sell it for you?
  4. You should already have your SS negotiated (or at least very close) before you try to find end buyers. Finding buyers first, then negotiating the short will be a waste of everyone’s time.

Many more pitfalls. You may look for a good coach to walk you through the first couple of deals if you are serious about SS as a business.