Listing During The Shortsale
I am working on a shortsale right now where the lender is requesting a copy of a listing agreement, which is no problem, i can get one. but my question is if i am trustee of the property, i am obviously going to list the property as trustee and the lender is going to see this. Will this create a problem with the lender accepting my short sale offer if they see that the property has already been deeded to me? I am curious how lenders react to this? Does anyone have any input on how they handle this?
thanks
I have not transferred title yet. However, this is usually how you would handle this deal when you are funding it with an end buyers money. It is still in the owners name and the bank is looking for a listing agreement. If the owner signs a listing agreement this will put them into a negotiating loop that is unnecessary considering i will be structuring the deal and finding the end buyer.
Quote:
On 2007-07-16 11:31, rei04 wrote:
I have not transferred title yet. However, this is usually how you would handle this deal when you are funding it with an end buyers money. It is still in the owners name and the bank is looking for a listing agreement. If the owner signs a listing agreement this will put them into a negotiating loop that is unnecessary considering i will be structuring the deal and finding the end buyer.
A listing agreement has been a requirement for every short sale I have done and has NEVER been a problem with the seller signing one and the lender accepting it. (I usually have an agent who I work closely with be that listing agent).
It sounds to me like you don’t have control of the deal/seller in this potential SS or they don’t have a real motivation to do this.
When you have FULL control of a deal, the seller will do EVERYTHING you want them to do since you have built up that rapport and trust and everything you are doing is in their best interest while you are making a profit.
John (LV)
There is a discussion about listing a SS going on right now here:
http://www.thecreativeinvestor.com/residential/ViewTopic60850-35.html
John (LV)
why not get an agent involved??
Yes, why not. I guess I wiil call my friend realtor to list the house.
Not sure but it would be below my mortgage. I would probably be 30K in the hole. fun eh? it has been a complete sinkhole. how about you? I dont want to ride out the wave as it could be 10 years...or never pick up. ug
the property is flowing negative, but I still have equity.
Look is the will (have to) accept a deed in lieu.
Who is the buyer on the SS contract with the foreclosing lender? Who is the seller on the title work for your buyer?
buyer on SS contract is an investor I work with; seller name on the contract is Owner of Record
can you assign the SS??
That typically is a no no.