I’m trying to get a handle on the short sale biz.
If a short sale listing is already listed on the MLS:
1.) Can an investor contact the homeowner directly with an offer to puchase their house?
2.) Can an investor do a short sale deal if the listing agent is already doing the negotiation with the bank?
- If so, can the investor assist with the negotiation as well?
- If the short sale has already been approved by the bank, can the
investor re-negotiate with the bank to get a better price?
Q1 - No and maybe depends on the agreement used between the two…
Q2 - Maybe and Yes without the agent stepping out of the way it is going to be too confusing to everyone… Most cases the lender is going to request the property be listed and a new agent might find it unethical.
If the sales price net to lender has been approved that typically means that the lender has looked at an offer on the table and has specified the buyer… The existing buyer would have to go away too.
BTW Its too easy to find pre-foreclosures to make the process of dealing with agents very exciting…
Q1. I was thinking of an option contract with the H.O.
So that if a short sale price is negotiated that I approved
then I could have listing agent find a buyer, then do double close.
Q2. Keep the same listing agent. Let them do their thing. Since most agents will not let the investor negotiate with the H.O. lender
I see, so if it’s already “bank approved” it’s a NO GO.
I was thinking it the other way, that it would be easier working with agents since there are tons of short sale listings pastered all over the internet, but I see it can very exciting to say the least!
Trying to get some ideas to get a plan moving here. Thanks.
I would find my own seller outside of the MLS and negotiate yourself… The lenders wont know youre new until you tell them… Heck most of them are brand new too…
NOW THATS FUNNY! And so true. I think Loss Mit Departments have a higher turn around then fast food Resturants…