TALKING TO LMD BEFORE LISTING PROPERTY FOR SS

I HAVE A COUPLE GOOD DEALS FOR SS, HOWEVER, MY LISTING BROKER IS TAKING TOO MUCH TIME TO LIST THEM. DO YOU THINK, I SHOULD TALK TO THE LMD PRIOR LISTING. KNOWING THAT THIS DEPARTMENT ONE THE FIRST QUESTIONS IS - IT IS LISTED ?

ISACARO

Most states and MLS’s require that a Realtor has their listings posted within 48 hours of signing the listing agreement. If your Realtor is not posting them or is taking too long to do so, find another Realtor to work with.

Good Luck! :beer

Yes you almost have to if your going to reverse close the deal. Here is why. You need to get the interior BPO ordered and completed before you list the property in the MLS. If the Property is listed for $150,000.00 and you are tring to buy it for $110,000.00 it will be harder to convince the bank to take the deal. Because there is a spot in the BPO where it askes is the property listed and for what price, so the bank will know. You can market the property in the paper and even use a FSBO sign before the BPO but never put it in the MLS for a Full Retail Value before the BPO or you will have a harder time getting the discount.

Tkank you so much for your response. I am pretty familiar with the proceduce of doing ss. What I am refering to is the fact that I already have an authorization to release information from the homeowner, but I am afraid to do this first step before listing the property on the MLS. I just want to confirm if I fax this forms signed by Home owner without the property being listed. I got a pretty good day what to listed for.

Please advise,

Isacaro
Gracias in spanish !!

As soon as you get that Authorization form you need to send it to the lender(s). It can sometimes take several attempts before they have it showing in their system. When you first call in you will need to find the right department and the right fax number to send it too. Once you have that fax number, send it. Then give it 48 to 72 hours before you follow up to ensure they have it in the system.

At this point there is nobody asking if you have it listed in the MLS, in fact, nobody should talk to you about the property until the Authorization form is in the system giving you permission to access that account info.

I advise that you get the property listed as soon as possible. If you do get to the loss mitigation representative who is handling the case after they receive your authorization letter and they ask you about the listing, tell them it is with a Realtor and he is in the process of putting it up on the MLS…if that is indeed the case.

Thank you Mr. Foreclosure Negotiator. Gracias !!