does anyone have any luck buying short sales through real estate agents? can you really get that good of a deal? i would think after the bank is paying the agent 7% and selling the property at a discount that there would not be that much room for alot of profit. any input here?
If the bank owns the property, it isn’t a short sale, it is just an MLS sale. You can certainly put in an offer of what you need to make the sale work. The bank will either bite or say no.
And likely that the bank isn’t paying 7% on the sale, they normally do less commission. Some realtors work exclusively with banks, and offer a lower commission to get all those listings.
i dont mean the bank owned properties, realtors have listings that are short sales, they havent gone to the bank yet. these are the properties that im talking about, i know that when a seller is in default the bank will give them some time to try to sell the house using a realtor.
I’ve never heard it being done :shocked
Yes, I have seen something similar to this, but quite different. A seller in default might list his property with an agent with the intent of selling the property to cover the outstanding note and perhaps make a little profit at the same time. In this scenario, there is no lender involvement, as the seller is merely exercising his right to sell his property.
You also state that “realtors have listings that are short sales, they havent gone to the bank yet.” It’s probably best to let the lender know you are interested in making a deal. The SS package should communicate this intent adequately.