Questions For Short Sale Pro , Just Finished Your Material
SSPro- I stayed home on a Friday night in Vegas (hard to do!) to read your material from cover to cover. I found it very informative and highly recommend for newbies
I am a new Realtor and investor who wants to concentrate on distressed sales
You mention that more an more loan servicing companies are requiring that property be listed with a broker as a condition for a short sale.
Big Question:
As a Realtor and buyer of any SS property, will my sales contract with the seller suffice AND compensate (in the mind of the mortgagee)for not actually listing the property. (or do I need to get the client to sign a listing agreement and act as a dual agent for myself and the seller)?
# As a Realtor will my FMV carry less weight in the eyes of the mortgagee because I am also the buyer?
You mentioned that you are a Realtor...please advise
thanks!
ShortSalePro!
Good point! I wasn’t thinking of a preforeclosure short sale, but rather a standard transaction where they could just go back and negotiate seller concessions for closing costs.
This is a preforeclosure shortsale
So then how might we handle it ??
My lender will not as far as I know allow 2% over the actual purchase price /appraised value of the home (the lower of the two) This is 100% financing
100% because your buying it under the appraisal value? if the appraisal came back more then what your buying it for, raise the offer.
If not, and your flipping or holding it short term, ask the lender for no closing cost and 1 year or no prepay.
If you have A credit and are a perfect buyer (full docs). A 7+ percent interest will wipe out the closing costs.
Means maybe a 100 more a month but for 12 moths thats 1,200 instead of the 5-10K in closing costs
I would not imagine that the lender would scratch the deal due to a different sales price as long as their net is the same and the $ is being used for closing costs...
Chase
Quote:
On 2006-02-15 18:00, loandudefromsac wrote:
100% because your buying it under the appraisal value? if the appraisal came back more then what your buying it for, raise the offer.
If not, and your flipping or holding it short term, ask the lender for no closing cost and 1 year or no prepay.
If you have A credit and are a perfect buyer (full docs). A 7+ percent interest will wipe out the closing costs.
Means maybe a 100 more a month but for 12 moths thats 1,200 instead of the 5-10K in closing costs