Short Sale Question
Why does a bank want the house to be "listed" ? If iam the end buyer?
Is this to make sure the owner is trying to sell the property so that the bank can get more payoff? If so, How to avoid this?
Also, Can you assign a short sale?Is the only way to do a double close?
A foreclosing mortgagee asked to accept less than it's due wants to make sure that the property has been exposed to the market... professionally. It one way that they can insulate themselves from scrutiny by auditors, and their Customers (the folks who own the loans that are serviced by the 'bank').
They'll want as many checks and balances in place and think that having a licensed real estate broker involved will add credibility to the proposed transaction.
There is nothing wrong in working with a real estate broker on a potential short sale.
Mortgagee approved short sale contracts are generally NOT assignable... A double closing is one technique that can be used...
but in my opinion, holding the property and effectuating repairs, then resale is the preferred strategy when seeking shorts... usually, the profit margin isn't adequate to justify a paper flip without first enhancing the property's value, and marketability.
[addsig]