Changing Buyers w/o Restarting SS Process???

Foreclosures, Short Sales, Tax Foreclosures
1

Hi, I just found this forum and want to say what a real valuable wealth of information is here. I really appreciate it!

I’m working on my first handful of short sales. I want to have an answer to this question in advance since I’m likely to run into it. I am a licensed agent and working as the buyer and negotiator with the bank. FWIW, I’m not the listing agent either. In case I can’t get the short sale approved low enough for me to buy and resell, can I take my name off as the buyer and just put the end buyer directly on? The challenge possibly being that I’m a cash buyer and the end-buyer may very well be getting a mortgage. I want to still get the ss done for the homeowner, so I want to be able to sell the property on the market at the bank approved price and just charge the buyer a loss mit fee for my time. I just don’t want to have to restart the whole thing over if possible. Thanks!!

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Good to meet you…

What youre asking is sometimes very difficult… Use a trust as your buyer… That may help…

3

Thanks, you have a PM…

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I’ve removed my LLC from the offer and resubmitted my end buyer’s offer and HUD while the short sale file was still active. It did not restart the short sale process and the LM did not care as they just want the thing to close. If they do ask, just tell them that the lender’s counter is too much money for you to purchase, but you have a buyer. They shouldn’t grill you about helping put the deal together… however explain that the HUD may change now and there will be RE commissions, etc.