Recently, Ive been seeing more and more companies that process short sales for investors, realtors, etc. Has anyone work with or have any success with them? I mean, it would be great to pay someone $300 and within 30 days you have an offer on the table. I had one company solicit me and say bring us the files and you get 1% of the short sale value. They’ll find the investors and take the risk…what do you think??? :deal
We’ve been negotiating deals for five years, but only for our coaching students.
Like you, I’ve noticed an explosion in companies offer the type of service you’ve described.
Question: What’s their risk? Time? Money for the staff they hire to process the paperwork and sit on the phone?
Question: How are they setting up the transaction? Is it a back to back . . . bank to investor (A to B), then investor to end buyer (B to C)? Or is it a straight A to C transaction?
If it’s a back-to-back transaction, inquire as to how the paperwork reads, how they fund the first transaction. If they use a land trust, make sure that their underwriter will insure these deals - none of the five major underwriters will.
Finally, don’t take their word that they are good at what they do. I’ve met too many Realtors who profess they understand short sales, when after asking a few probing questions it’s easy to discern that they are just positioning.