How do I approach a realtor that has a shortsale

I found a property that I was interested in buying and reselling. It was listed with a realtor and it is a short sale. How do I approach the realtor to let them know I want to take the short sale and negotiate. with the bank.

I know this sounds like a stupid question, but in NY realtors do not grasp the concept of listing the property and letting the investor do the negotiation. They think the investors are going to steal the deal from them.

Can someone please give me some advise

How many Realtors does it take to change a light bulb? Three - one to change it, one to fill out the disclosure stating they don’t have a liability if the light bulb was changed wrong and the third to hold the coffee cups of the other two and tell them they are doing a great job.

Besides I found that if you walk up to them and hit them over the head with a really big stick from behind works well…

Now replace the “Stick” with “Money” and that should do the trick… All agents want is to make money and as long as they believe they will you’ll be fine…

Some on the other hand want to sell houses… I never understood that concept.

Still others want to get out of the house and have “office friends” to talk to daily.

I try to explain that I would like to buy the property, but I would like to negotiate with the bank myself. I also explain to the realtor, I would then have them list I would list the property and get a double commission. I guess it is hard for some to understand

The ones that don’t understand you just have to move on its not worth it.

Not all Realtors are . There are also a lot of Realtors that are a part of this REI club so I think it is respectful to keep those types of comments to yourself.

I specialize in Short Sales in the Kansas City market and if an investor wanted to submit an offer on one of my listings, then he/she can certainly do so. My fiduciary relationship is with the seller & bank. I work for them only and will do my best to get the highest sold price on the seller’s home.

If I let an investor take over the deal, typically the offer is very low which could create a much larger deficiency for the homeowner. Not many banks are releasing the homeowner from the deficiency either.

My recommendation is to always put your bid in with the agent on the house you like. It the home is not going to work for a owner occupant, then you have a pretty good chance of winning the deal if there are no other buyers. However, if the home is liveable and would pass FHA or Conv financing, then there will more than likely be a buyer who will bid higher than you.

The reason I handle Short Sales is not just for the money but mainly to help the homeowner avoid Foreclosure. Yes, there are good people out there who are willing to work their butt off and get their commission cut in order to help someone. I would be one of them.

Can I put in a bid as an LLC, or would I have to put in the bid as an individual?

THanks for the help on this.

I think I can answer that, i.e. bid as an LLC or individually. Bid however you like. The Seller doesn’t get to control who you are, nor does the Bank.

I would disagree with vardakis on one thing. If he’s a REALTOR, his client is definitely NOT the Bank/Lender unless the property has already been purchased by the Bank at the foreclosure auction. The entity who retained his services, to get the property sold by listing it for sale, is the Title Holder of record. Until the foreclosure is complete AND the bank is the successful bidder, his fiduciary responsibility is to the Title Holder/Seller and the primary responsibility on a short sale is to reach a settlement that allows full discharge of the liens, short of what is owed.

Thanks for all of your help.