First Short Sale

Foreclosures, Short Sales, Tax Foreclosures
1

I am a realtor and I just got a call from a buyer about a house that I have listed. Unfortunatley, the house is already pending, but I found out another house similar to it is going into foreclosure and I would like to contact the owners to see if they would be a candidate for a short sale. I would like to negotiate a short sale with the owners and turn around and sell it for a few thousand more to my buyers. Is this a conflict of interest? I just need to know what to say to the sellers without offending them. I wondered if everyone has them add you to the deed so you can negotiate with the lender or do you have the owners do the negotiating? Any help would be greatly appreciated.

Jodi

2

  1. You don’t negotiate a short sale with the seller, you negotiate it with the bank.

  2. There is no conflict, you buy the house, you sell the house, you aren’t acting as a realtor.

Get an authorization to release form from the seller so the bank will talk to you and go from there, 9 times out of 10, the bank will tell you what they need. It’ll only work if they owe more than it’s worth.

3

Disclose to the buyers and sellers everything.