I normally work directly with homeowners on short sales where the property is sold to an investor on my buyers list. Lately I have been getting calls from real estate agents who have listed properties for homeowners heading for foreclosure who want me to put together the short sale package and negotiate with the bank for a lower payoff so they can get the house sold before the auction happens. My question is how can I structure the deal to ensure that I get paid when there is a real estate agent involved who has a client to purchase the house?
You need to put a contract down on the house for the short sale. The only potential draw back is that if a listing agreement is submitted for the short sale, the bank may decide to entertain all offers, not just yours. And of course, the bank typically postpones the auction date so they can see if the SS works.
I just put a contract on a SS that an RE Agent friend got the 1st approved (w/ CW), and I’m helping with the 2nd. The Agent told me that CW may entertain all offers, not just mine.
Take all this for what it’s worth. Of course, keeping in mind the win-win in helping people out of the potential foreclosure mess!
I have a similar situation too. I own the property and is going on short sale. As an agent, i’d rather list as fsbo but when I called hud they said an agent will be contacting us. How will the agent get a commission?
I’m still looking for investors to help us get out of this problem. I’m new on short sale so I’d appreciate any answers. Thanks!
email me. I’m an agent specializing in short sales in NorCal. My office is in Roseville. I have clients as far as the Bay Area that I work with due to this highly specialized category of RE.