I received a call from my bandit sign. Kevin called and said he was 2 months behind in payments, so I went to see the house and get more info thinking I might have a sub2. I found out he refinanced the house last year at 100% appraised value. NO EQUITY!
So I told him I might could get the bank to do a short sale, not knowing I needed to get a signed contract with the price I’m willing to pay, because I really didn’t know how it worked. I was just talking to see what he would say. so I left my Borrower Authorization to Release Info and lender info worksheet. he called the next day with info, and I get the paper work and call the bank. I talked to someone in the loan loss mitigation, long story short, they said the owners have to have a listing agreement. something new to me, I thought I was making progress. so I go back to the internet and start reading again and found a good article on short sales. it said find a real estate agent that was willing to work with me on the listing. list it in the mls as (sales pending) and list it at top value that way no one will bid on it. so I call my real estate agent and tell her what’s going on and she understand most of what I was saying but she wanted to know how was she going to get paid her commission, if some stupid person did offer the full price. the owners don’t have the money. and if the bank discount it, the commission would be including the money the bank gets. She was saying something about the way they do short sales was they call the bank and ask what commission they was willing to pay. I didn’t see anything in the article about the agent and the bank talking. So how do I go about making these deal happen.
Write up YOUR purchase contract as the buyer. Then, in your submission, on a single page, type out:
Listing Agreement: none at this time, I have purchase contract offer attached for $ XXXX dollars to be paid to xxxxxxx Bank, via certified funds, or wire transfer, to be paid upon COE from the appointed escrow/title company.
That way, they understand you are the BUYER and you want to negotiate this property NOW
Hope that these help
PAZZO
I have only worked a handful of shortsales, but the last package that I sent in did not include a listing agreement(though the bank had requested one). Instead I wrote a letter explaining why no real estate agent would touch the property, and that the owner was attempting to sell it on her own. I will let you know how the bank responds to that.