Required To Be Listed On Mls
How do investors get around the issue of lenders requiring properties to be listed on the mls before a short sale will be considered? Do you just get it listed and hope it doesnt get any other offers and then you make your offer? Do you have it listed at a higher price for a time and then make a lower offer when it doesnt sell?
Most lenders other than BofA do not require that the property be listed on the MLS but only that there be a listing agreement submitted. That said, if they require it be listed on the MLS then simply put it in the MLS and immediately into pending. Your days on market would effectively be zero and your not misleading in any way.
I agree. If the bank just requires a listing, send them the listing agreement. I know that sometimes they do require proof of the MLS listing, therefore just send them a printout of the MLS listing.
Now the main issue is that several banks do require that the property be listed for a certain amount of time (30 to 90 days) before considering the short sale.
My suggestion is to go ahead and list it in the MLS and after a couple of weeks send them a sale contract (even if they require 90 days) asking them for an exception to the policy (also send them an MLS search showing the poor activity and sale in the area in the possible.)
The reason I would not wait the full "required" period is that I have seen many banks pushing the property in foreclosure within the "required" people while most of the times they will consider making exceptions if they have a willing and able buyer.
[addsig]
The short sale for us took a really long time to do and was kinda not worth it. What was the result of this deal?