Recording Papers????????
I have a short sale moving forward, getting all the paperwork completed. My question is should I record my Purchase and Sale agreement, Warranty Deed to Trustee to protect my intrest?
Thank You
Since many, if not most short sale approvals are voidable if the mortgagor transfers his/her ownership interest... the act of recording a deed would raise a red flag.
You could record the Purchase and Sale Agreement even though it's (probably) subject to and contingent upon mortgagee approval.
[addsig]
This house is listed by a Real Estate Agent that is a real dirt bag. I just got a call from him saying I'm cutting him out and that the seller has an agreement with him for a year.
How can I get this guy out of there. If he had called and not threatened me about "doing this the hard way or we could do it an easy way" The easy way was to place an offer through him.
I need to go and record the P&S contract ASAP correct?
sounds like your Sellers haven't been straightforward with you... &/or, you've failed to properly prequalify this short sale candidate.
Why be adversarial about this? Evidently, the real estate broker has a binding listing contract which entitles his/her office to a commission irrespective of who brings about a sale.
Since most mortgagees asked to consider a short sale expect to Seller to incur real estate sales commissions, (oftentimes reduced) AND many times require that the property be listed with a real estate broker... simply list the broker fee on the HUD1.
The broker can help you complete the transaction, or, he can take steps to trash your deal.
That sounds great.
Thank You SSP.
I was not trying to cut him out of anything. He did make me mad when he started being demanding and threatening.
I would gladly pay him his 2% comm on what I purchase it for. But if the bank will pay, well thats even better.
Thanks again.
What is the listed asking price? The mortgagee will surely find that out, and if your Offer isn't in the same ballpark as the listed asking price.... well, somebody will have some explaining to do.
If you want a snowball's chance in completing this transaction, you had better get on the same page as the listing broker.
[addsig]
The listing broker has it listed at 189K. Comps are only 135K - 145K. My GC just went out there and it has 35K worth of work that needs to be done, Thats MY price.
The broker is crazy.
Any suggestions?
SSP,
On the HUD 1 should I fill out page 2? This is just the prelimenary.
1) Have the Homeowner ask the broker to prepare a CMA to support the listing price.... or, to support a price reduction.
If the broker isn't willing to do so, and do so quickly, have the Homeowner fire the broker.
2) If the short sale application asks for a completed HUD1, give them as much as you can.