Home Buying in 48224>Question Details

Debra, Home Buyer in Detroit, MI

how can i negotiate a short sale without a real estate agent?

Asked by Debra, Detroit, MI Thu Aug 12, 2010

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13
Maureen Francis, Birmingham MI’s answer
I think we all agree on the same thing. Why?!

1. You don't pay for it. The bank pays the real estate commission, and I have never had them say they were not willing to pay something.
2. How many short sales have you navigated before? I do a lot of them and every time I learn something new because it's an evolving area of real estate.
3. Its just not that simple. Let someone who knows what they are doing help you. You'll have a higher chance at being successful. As it is, there is nothing easy about them.

Best of luck to you!
1 vote Thank Flag Link Fri Aug 13, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
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Debra, I'm not sure why you would want to. You would need either a Realtor or an attorney. Short Sales can be complicated sales and sometimes may take months to complete. You need the advise of a professional to assist you with contracts, terms, title and negotiations.
0 votes Thank Flag Link Thu Aug 12, 2010
Why would you want to? Buying a short sales has got to be the most frustrating way to buy a house. Why wouldn't you want an agent to express your frustration with the process to? You're not going to get a "better deal" on your own. The commission is already determined by the seller. If you don't have your own agent then the listing agent just gets the entire percent of the commission rather than splitting it with your agent. You won't save anything. And there will be moments when you want someone to yell at. (I don't actually suggest you yell at your agent. It won't help anything, but you will want help throughout the process.)
1 vote Thank Flag Link Fri Aug 13, 2010
Debra,

I can help you do this on your "own" without an agent. There is no "short" answer, as previously mentioned, short-sales are anything BUT short on details. You need some key players; a title company (preferably one that is underwritten by attorneys) <--- (paid big money for that info alone), obviously the lending co. that holds the deed/title of the property is who you will be negotiating with, a real estate attorney and someone to assist you with the negotiating. (This I can provide).

You can contact me at:
bruce.mcdaniel7@gmail.com for more info and help.

Looking forward to hearing from you,
Bruce
1 vote Thank Flag Link Thu Aug 12, 2010
Debra, I am not sure that it is in your best interest to attempt this. There are many ins and outs, plus you are going to have to convince the seller to give you documents in writing like account numbers and social security numbers. I can't imagine a Seller wanting to give someone this information who did not have experience in negotiating with banks. There are time lines that need to be followed, certain docs that need to be dealt with. I have never had anyone do this so I am not sure, but I am not sure that the bank will even work with someone who is not a licensed agent. This is in no way shape or form an easy transaction. Get a Buyers agent and let the negotiations begin.

I hope this information helps! Best Wishes!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Thu Mar 21, 2013
I want to do the short sale myself because the real estate agent will be obligated to find the highest bidder and this will push me out of contention. I have an owner/neighbor who said to me that I could try to buy the short sale property from him...The price I am willing/able to pay might be accepted by the bank, but the price the buyer market is willing to pay is just outside of my reach.
0 votes Thank Flag Link Thu Mar 21, 2013
The question is why would you want to? Do you believe you will save money? Because most fees are paid for by the bank. If it is a private sale their are many competent negotiators that will work on a contingency basis.

The questions you must ask yourself... is if you have to ask this question, there are two things to consider:
1- Do you have the time to research and understand how to do a short sale.
2- Can you afford to lose this property after many weeks of work over a misstep on your part.

On the whole short sales are difficult at best and you need someone who can navigate the ever changing process of short sale negotiations.
Web Reference: http://www.thehousewiz.com
0 votes Thank Flag Link Mon Sep 20, 2010
Thank you for the endorsement, Bob. That means a lot and is appreciated.
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Fri Aug 13, 2010
good afternoon....all of the below listed comments are good ones....i could save a lot of money fixing my own teeth, but i am not going out in the garage to get my drill and attempt it...it would cost you more money and aggrevation in the long run....call derek bauer to help you..
respectfully submitted....
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Fri Aug 13, 2010
Debra,

Why in the world would you want to do that??? There are agents like myself who have undergone extensive training for short sales, and have a lot of experience and impressive track records in working them. Considering that the bank most often pays the commission in a short sale, why would you want to even attempt it??
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Fri Aug 13, 2010
The short answer is don't. The seller pays the real estate commision not the buyer so it only makes sense to have a professional working for you. Short sales can be very trick and they tend to go on for months. Don't think you will save money or get the home for a lower price because you are not using a realtor. The listing agent will make the whole commission and will not look out for your interests.

Good Luck
0 votes Thank Flag Link Thu Aug 12, 2010
If you don't plan on working with an agent, do work with an attorney who specializes in real estate--short sales are by no means fast sales nor easy sales, not advisable to try on your own--keep in mind the agent's commission is paid by the seller.
0 votes Thank Flag Link Thu Aug 12, 2010
Debra, I agree with Pamala. There are a lot of ins and outs to short sales. Not to mention the only way you are going to be able to speak with the bank and get any where is if you have the seller sign an authorization with their account number, social security numbers etc. I negotiate these transactions on a daily basis and they can be a real challenge as each bank is different. Even if you have worked with the same bank multiple times it can be different as guidelines change and getting assigned to a different Loss Mitigator.

I also highly suggest that you work with a Realtor that has experience in negotiating this type of transaction with the bank and/or use a real estate attorney. I hope this information helps! Best Wishes!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Thu Aug 12, 2010
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