How is this a short sale?

Foreclosures, Short Sales, Tax Foreclosures
1

I noticed this house on the block that has been vacant all summer - tall grass and all.

Then last week a for sale sign by a local realtor goes up.

I call before it hits the MLS and am told it is a short sale.

So I go to inspect, the asking is 167k - but obviously needs repairs.

I placed and offer of 120k through my relator. Within 1 day we get a counter of 150k along with a requirment to sign an agreement with some company that will negotiate the short for a fee of 3,500.

What ! :banghead

I thought if this was short sale my offer would go the bank and take 2 - 4 weeks for a reply.

So this does not seem like a short sale - rather an owner fishing expedition to see what is the highest offer they can get.

Any thoughts?

BTW I countered with $16500.

What is a short sale negotiator - I thought that was my and my brokers job?

2

Looks like a short sale. The fact that a negotiation fee of 3,500 is mentioned suggests that the bank will get less than owed. That is the definition of Short. This realtor is outsourcing and trying to get you to foot the bill. :bs They can ask for whatever they want and they don’t have to approach the bank with your offer as the bank is not the seller yet.

3

I told the selling relator to pound salt. Furhter the fee should be about 1% of the sale price.

So I’ll wait it out. There is plenty to go around. :bs

4

It seems that you are letting your emotions get the better of you… If you feel the fee should be 1% of the sale price, than why not counter with that? Another option is to counter with no short sale negotiation fee. If they are trully motivated, who knows, they may take it.

Good luck!

5

How come you countered at 165,000? It’s only woth 165,000.