Im going to get my first short sale agreement signed today. If anybody could answer a few questions I would really appreciate it.
1-Why do lenders want a short sale to be listed with a realtor.
2-Can I just bring in my own realtor if needed
3- can I submit my offer without it being listed?
4-I was thinking of telling the bank that the seller did not want to list because that would make them even more upside down and that it might be foreclosed on before it would sell. Is that a bad idea?
5- what are the responsibilities of the realtor in a short sale?
From what I learned about the prcoess, not all lenders require the realtor to be listed. Because when that happends, their bottom line gets paid to the realtor. lol
I can see why, their banking system may require that the realtor be listed.
You can use your realtor
It can be done, When I get started, that is how I’m going to do it unless the homeowner is already listed.
It is very hard for the realtor to sell a home that is in foreclosure.
I’m not quite sure, I’ll let sometone else take this question.
Im going to get my first short sale agreement signed today. If anybody could answer a few questions I would really appreciate it.
1-Why do lenders want a short sale to be listed with a realtor.
2-Can I just bring in my own realtor if needed
3- can I submit my offer without it being listed?
4-I was thinking of telling the bank that the seller did not want to list because that would make them even more upside down and that it might be foreclosed on before it would sell. Is that a bad idea?
5- what are the responsibilities of the realtor in a short sale?
thanks in advance, J
lenders have no way of “showing” or marketing their inventory. by listing with a Realtor, they get this service.
you can always bring your own Realtor to any transaction, they may not be compensated by the seller but you can always use a Realtor, if a seller says you cannot, beware!
3.are you referring to an unsolicited offer to purchase, do you know they want to sell and who the selling party is? if yes you may submit an offer, if it is listed with an agent, you must submit through the agent.
4.if the bank becomes the seller, it is not up to the homeowner, who is loosing the house to decide.
The responsibilities of the Realtor in any transaction is according to their contract with the party they represent. you may not be privy to this information.
1-Why do lenders want a short sale to be listed with a realtor.
Who told you this I never even ask if its listed with a Realtor just get the Authorazation and go for it!!
2-Can I just bring in my own realtor if needed
Yes you can but why?? Hire an attorney or maybe have a someone with experiance on the first couple there is nothing there you cant do yourself! Let me ask you this would you bring sand to the beach? Of course not why involve a realtor! Just someone else to pay!
3- can I submit my offer without it being listed?
On a short sale YES you can you just write the offer with the old owner and show it to the bank!
4-I was thinking of telling the bank that the seller did not want to list because that would make them even more upside down and that it might be foreclosed on before it would sell. Is that a bad idea?
I would tell them either that or the truth! You went to the beach and there was enough sand there why bring your own!
5- what are the responsibilities of the realtor in a short sale?