Direction With Short Sale
Homeowner had house listed for sale BY OWNER at 109K. No offers
House needs a lot of work. Bath, Kitchen, Part of roof even falling in. But believe it or not would be a pretty decent ½ brick house.
I offered 65K (not the best of areas) and did not expect to hear anymore. Homeowners contacted bank and they said would do a short sale. But the first step was for them to list with a realtor and they would need a copy of the listing. They said they had trouble getting a realtor because of so many repairs needed. Bank said tell the realtor they would guarantee commission.
I know a realtor and so is first step to get something from bank saying they will guarantee commission. Then contact realtor then will they require the listing go for 90 days before they will consider my low offer.
Thanks
The reason why the bank wants the house to be listed, is to see if a better offer could come for this house, and to confirm the market value. They have to know it was made available to others on the open market. If the house needs that much work, then most likely, no one will make an offer. If they do, and it is better (meaning no concessions for repair), then the real estate agent should allow you to counter or stay as a back up.
I would get the guarantee of commission and % in writing from bank, if possible.