I have been reading the posts on relisting the property to find an end buyer while negotiating the price with the bank. I have a couple of questions if somebody could help.
I have a license and own a small RE company–can I list it through my company or does it have to be through another to meet the banks SS guidelines?
When would you list the property?
Are there any disclosures typically used with the end buyer to let them know of the type of transation I am trying to put together?(A-B, B-C)
I would list the property as soon as you get the borrower’s go ahead, that they have exhausted all of their other options to try to get their payments current, have exhausted the possibility of getting a loan mod with their bank, and fervently searching for any other option that would allow them to keep their house. The bank will require that the property be listed because they want to know that the borrower has been actively seeking a sale on their property.
2. When would you list the property?
Tomorrow, if #1 has been accomplished. Why put off the inevitable?
3. Are there any disclosures typically used with the end buyer to let them know of the type of transation I am trying to put together?(A-B, B-C)
I use a “short sale” addendum to let them know that they are in for a wait, if the SS has not already been negotiated. I explain to their agent that, in exchange for their patience, they will likely get a decent discount on the house. I can’t promise them ANYTHING, even that the SS will be approved, yet if they have already made an offer, then it will likely be at a price considerably below what is owed. To save 10-20K, or more in many markets, entitles them to a discounted mortgage payment now, and a nice bump in their equity as time goes on.
Keep checking out this site for more info, and … good luck!