I have a client who is wanting me to help them with a short sale. They already have a buyer and know that I have put a lot of time and effort into the listing, so they want me to still get paid whatever I can. The buyer is willing to pay roughly 80% of what is owed on the property. My market is only marginally down in the last 18 months, roughly 5-10%. For those of you who have had short sale experience I have a couple of questions. Knowing that every situation is different, is this percentage something the bank will consider? If the owner gives me the authorization to deal with his bank on his behalf, will I be able to handle everything for the seller, and will I still be able to get paid the commission on the sale? Any feedback would be greatly appreciated.
RealtyU Group - Aliso Viejo, CA
Generally, the bank will only consider a short sale if borrower can show hardship. If there isn't any hardship then why would the lender even look at the file.
There are over 1 million foreclosures right now so it's safe to assume most lenders are probably getting 25-50-100k short sale applications per month. So if you take this deal....try to figure out how this situation would look with all that competition.
If you're interested in learning more about short sales and how to successfully negotiate/close more than 80% of them....let me know and I'll send you a link to a great course. I'm not here to spam.
Good luck and let me know if that helped.
Jun 10, 2008 10:58 AM
Rainer
17,596
17,596
Chris Bezaire
Real Estate Agent - Cape May
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