Short Sale Presentation - Posted by waynepdx

Real Estate Investing
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Posted by Bill M on July 08, 2002 at 13:33:02:

  1. are you using your own buyer’s agent? If not, you’re using the seller’s agent to negotiate for you… good luck…

  2. Short sale requires cooperation of seller… provide financial info to lender who determines if they want seller to provide some cash to do the deal.

  3. Need to look at title report… any other judgments against the owner?

Short sales are great, but you need to understand the risks… and how to use professionals to YOUR advantage.

Bill in PDX

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Short Sale Presentation - Posted by waynepdx

Posted by waynepdx on July 08, 2002 at 11:59:32:

I am venturing into a new part of REI and a protocol question has popped up.

I am about to make an offer on a Fixer upper in Pre-Foreclosure.

It is going to be a short sale. I met with the Realtor on Saturday along with my contractor. I took about 40 pictures of the interior/exterior and yard of the property. It is in pretty bad shape. I plan on using the pictures and the estimates from my contractor to rehab the property to negotiate with the bank for a short sale.

The Realtor stated on Saturday to turn all the stuff over to her when I was done and she will contact the bank regarding a short sale.

I do not want to do this. I want to negotiate with the bank directly.

I know she is just trying to protect her commision which is understandable.

Since this is my first attempt at a short sale-I am confused about the protocol.

I know I can make in my offer-Price to be determined from negotions with bank regarding short sale.

Can I also make the offer contingent on the seller signing my Authorization for Release of Information so I can negotiate with the bank for a short sale?

I also plan on paying the realtors commision as the owner is strapped for cash and has already abandoned the property.