Hi all…
Simple question… would one have more success (make more money) processing short sales as a realtor ?
What say you?
Thanks and this site is SIZZLIN!!!
-LT
I am guessing that you are wondering if it is more successful to do a SS as a Realtor than as an investor? I can tell you the standpoint from a Realtor perspective. The banks want to know that the property has been listed sometimes for at least 90 days and an investor can not produce that. They also feel that an agent would be better qualified to give them a more accurate value of the home. Mainly because we have access to MLS and sold comps.
I have had great sucess with sending over Authorization to Release forms and getting the info that I need. I think Investors do just fine in that arena too. I have yet to get through a SS but continue to plug away because I know it can be done. It does take hard work and being very persistent no matter who you are.
Many Blessings. Sheila
Thanks so much for your response.
Any other comments?
Being a Realtor certainly has it’s advantages…but also being an investor! I am both. My partner and I work hard on each short sale…we follow up every hour with the lender until they have all they need to submit to the supervisor for final approval. We are in constant contact with the homeowners as well getting every document needed. The lenders are more friendly to a realtor most time than an investor because lately they have had so many approved short sales where the end buyer (the investor or other interested party) couldn’t get financed which makes the lender(s) think investors are untrustworthy. When the lender talks with a realtor they feel a little more comfortable about the actual short sale process. In the same breath if you are a savy investor that builds a repor with the lender(s) they will trust you just as if your were a realtor. Short sales take longer than normal for most because either the homeowner doesn’t have all the necessary paperwork or the person working the short sale is not following up like they are suppose to. The person at the mortgage company assigned to the short sale should know who you are when they hear your voice from talking to you constantly. They work with a lot of people and collect a lot of information everyday and you must be consistant. We had a short sale approved by Fredmont last Friday in ONE DAY! HOWEVER WE WAS ON THE PHONE WITH THEM for 5 hours back and forth. We also only target homes going to the auction in 3 weeks or less. This puts a sense of urgency on the lender to get an approval, stop the foreclosure process, and await closing in 45 days or less. THE KEY IS REALLY HAVING RELIABLE APPROVED BUYERS…Good Luck on all you do. :argue P.S. The funny thing is we have found that one foreclosure homeowner knows at least 2 to 3 more homeowners in the same situation :help
I would have to say no.
As the others have made good points, in short - if you are simply talking about making money - you will make more as an Investor buying the property not as a Realtor listing the property.
The banks will deal with anyone that has authorization to speak with them - Ultimately in either position (investor or realtor) you just need to know how to handle short sales.
Why say that you are an investor?
Why say you are the buyer?
You will have more negotiating power if you maintain a neutral position…
I have a question somewhat along these same lines. I am currently doing a short sale
and will be submitting the information shortly. I have not had the property listed with
a realtor. Is this something that I should do? My number one intention is to run it past
all my investor buyer’s, but what if the bank does not go low enough for them to be
interested or they simply do not need another property at this time? Would having a
realtor out trying to sell the property as well be a good idea? I understand the the lender
will pay the commision for the realtor. Also, does that subtract from my profit spread?
I just had a realtor run all the comps for me REO CMA and normal CMA. Should I have
her list the property too?