Which Sales Contract does the lender want to see?
If you submit a short sale package, but the lender requires a copy a listing agreement, which sales agreement will the bank want to see? Your contract that you have already written up with the homeowner, or the standard MLS agreemment. If the standard MLS agreement isn't used, what will guarantee that the realtor will get paid by the lender?
Have any of your short-sale pros had any experience with this?
The sales contract is just that, the contract you wrote up with the homeowner agreeing to sell you their home for $X amount of money.
The listing agreement you have to get from the realtor saying that the property has been listed for X days.
Tanya
Thanks Tanya! I know several realtor friends who would write up a listing agreement, knowing that they will probably get no commission out of it (because most houses would be upside down). But if I couldn't find one that would cooperate with me and definately wanted a commission whether they found a buyer, or if I bought it, how do you make it know to the bank that they will now need to also pay a realtors commission? On the HUD-1?
You usually have to have in the sales contract that a realtor get a commission. I'm not sure exactly how to add a realtor's commission without having it on the sales contract. I've never done it before.
You may want to contact a RE attorney concerning the legal way of writing up the paperwork. Sorry I couldn't answer this one. Maybe another investor on here can help you with that question...
Tanya