Who is having their short sales listed on MLS?

I hadn’t been doing this and it doesn’t seem to be a problem especially for rehab properties. We get a listing agreements as required but not list the home on MLS - well mainly because we want to buy it . I know the lenders are wanting as much exposure as possible and even though it’s not on MLS we use signs and still receive multiple offers - but in most cases they are lower than ours. I just use those to show to the lenders. Just about never do I receive a higher offer. So do we need to get them listed on MLS or am I fine without doing that?

In my own experience, we’ve only had to submit MLS “history” when we are at odds with the lender on the BPO/Comps. We use it to justify a particular low offer especially when the listing history shows that we’ve had to lower the price to adjust to the comps.

Otherwise, a listing agreement should suffice for the initial short sale package.

Has anybody charged a “short sale processing fee” in HUD 1 successfully?

Ok thank you for that info. So far I’ve had no trouble but I’ve had some people tell me it needed to be. Also, Realtors are having a hard time with the concept.

Silvio, yes I charge a loss mitigation fee. Unless you are buying the house, you should be able to charge a fee. Maybe use that term. And keep the fee within reason - I charge a flat 1,500

most lenders require the home to be listed on MLS with a pricing history (reductions, days on market, etc.).

silvio - as stated list it as a loss mitigation or Negotiaiting Service Fee and I would suggest having it paid to a separate entity and not to you directly. I have a separate company I use for loan mods & loss mit. negotiaiting.

as far as listing property, my experience has been that they ask for my listing agreement but I haven’t had to show any MLS history or anything thus far. each lender does things unique to their way of doing business though.

Thank you very much!

Cruzvarian - Let me get this straight, you are finding a homeowner in foreclosure, you have them agree to sell you the property, than you have a realtor list the property for you while you negotiate the shortsale?

How much commission is he getting?

are you listing the property yourself or is the homeowner listing the property?

What happens when someone comes in with a higher offer than yours?

If you have a buyer with offer in hand, you won’t have to submit an MLS listing agreement or MLS history (at least this is true of Chevy Chase). SS negotiating fees run anywhere from flat fees of $500-$1500 or as much as 1.5% of realtors’ comission.

If there is only 1 broker involved for both sides, the lender may reduce the comission to 3%. You’ll have to hash it out with the broker.

[Can someone answer this question please? When you are looking for an end buyer can you list it on MLS,what if it is alrealdy listed and that`s how we found it?
are you listing the property yourself or is the homeowner listing the property?

What happens when someone comes in with a higher offer than yours?

No, you cannot list a property that is already under an exlusive contract with a broker. You can list it once ownership has transferrred to you. Otherwise, you’ll have to find your endbuyer on your own and place them under contract prior to submitting your offer.

If a higher offer comes in, the listing agent is supposed to inform you and give you a chance to counter. Some short sale negotiators will submit all offers that come in on a property. If you feel your price is good, then ask that your offer be kept in as a back up or contingency offer. You may also add that you’ll be able to close in less time - like 10 days. Have your pre-qaul letter or verification of funds to close in place at escrow with a copy attached to your offer. Keep on the agent to get updates on whether or not the higher offer has been accepted and if they are able to close.