Basically seller has to find agree on a price and a buyer and then propose the terms (and qualifications of buyer) to the lender for its approval. Technically a seller can certainly do his own short sale, but based on the complexity of the transaction and the need for strong negotiation skills, it is highly advisable to use both a short sale familiar broker as well as seller's attorney.
Perhaps a better approach here would be to get a buyerâ€™s agent with extensive short sale experience who will show you all the local short sales and deal with the agent/seller on the other side. You pay nothing for having professional representation and you can come out way ahead â€“ Iâ€™m always leery of dual agency in a short sale. Banks donâ€™t like it very much either. A professional realtor will be able to discuss this question with you in person and probably give you a far better answer than you will get here because you will be able to discuss it with them at length.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
The only difference is the seller is asking the lender(s) to accept less than they are owed under the outstanding mortgages and or liens. The seller still has the right to see any and all offers presented to the Realtor, at least in my state. You Realtors, is this different in other areas? I can not fathom a Realtor receiving an offer and not presenting it to a seller.
That is why I asked below if the Realtor owns the property. If he actually owns the home he has a little more latitude in what he does or doesnâ€™t do but not much different if it is listed for sale.
My Banana Index has me concerned about the long term outlook for interest rates, the dollar slid 11.54% against bananas this week.
Kenneth Lazowski | Mortgage Loan Originator | NMLS #34064
Real Estate Mortgage Network, Inc.
425 Amwell Rd
Hillsborough, NJ 08844
O: 800.999.2489 ext. 7976 | F: 908.450.1419 | C: 908.512.1436
E: Klazowski@remn.com | http://www.remn.com W: http://www.kennethlazowski.remn.com
I hope this helps.