I’m just starting out on short sales. As part of their short sale package, both Wells Fargo and Countrywide have asked for copies of a listing agreement. What if the house is not listed? Do you quickly get a realtor to list it? If so, what do you have the seller set as the listing expiration date? The date of the sale?
Final question: Will it ruin the chances for a successful short sale if you just tell the lender, “The owner does not have the house listed.”
Just tell them that you’re the buyer not the Realtor (r).
Get a realtor involved. Just have them write a purchase agreement
between you and the HO. If they (LM) want it listed, fine, they will be
responsible for the realty commissions that way. It all comes
out of the bottom line. I am sure and realtor will write up a
PA for a 3% commission for 30 minutes of work.
I’m now in that same situation with CW. I’m trying to tell them that I’m the buyer. My problem with getting the SS listed is 2-fold:
- It cuts into my profit on a flip.
Most importantly, some lenders like countrywide may entertain multiple offers, not just mine. Please feel free to weigh in on this point.