Foreclosure in Lakeland>Question Details

Lana,  in Florida

Can a realtor list thier own home for a short sale?

Asked by Lana, Florida Tue Dec 11, 2007

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7
Lana by all means they will let you list the home, but will not pay you a commission. If you work for a company and the commission statement lists a company name, than i have seen commissions paiod in a company name so it is not always never. If you are going to negotiate your own short salke though, make sure you are well expereinced, it is near impossible for someone to negotiate properly and effectively that has never done it before. a good professional negotiator will pay off and they get paid only if it closes through the funds of the short sale if you set it up right, good luck with your short sale.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Mar 29, 2010
Richard has a good answer. In Florida, the banks do allow a Realtor to list their own property for a short sale. HOWEVER, the banks will not allow the owner/agent to make any commissions/profits from the sale, so why do all that work? Hire someone else in your brokerage to do the work for you and allow them to get paid for the work.
0 votes Thank Flag Link Mon Mar 29, 2010
As long as you hire yourself to list your home for sale and the bank agrees why not?
0 votes Thank Flag Link Sun Mar 28, 2010
Lana, of course they can why not? I see this was the only question you ever asked here. Are you still in the profession?
0 votes Thank Flag Link Sun Mar 28, 2010
Lana
You ask a great question. Of course you can try to persuade your lender to sell it in a Short Sale.
First, read my blog.
http://activerain.com/blogsview/125091/How-The-Foreclosure-Process
Second, your E & O Insurance is usually void if you list the home yourself. Personally I would refer it to an agent in your office and let THEM negotiate with the lender. They have the same advantages that any other listing agent would have: detached from the outcome, professional, and they can be non-emotional.

good luck!
0 votes Thank Flag Link Tue Dec 11, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Lana,

Yes. The bank will hold them to the strict criteria of actually qualifying for short sale. The realtor would have to behind in payments, owe more on the mortgage than the property is worth, and not have other assets that would enable them (the realtor) to catch up on the mortgage payments. Keep in mind that a homeowner must be able to prove that they are financinally unable to continue making the payments. Usually, the bank will want to see income taxes and other information before they will approve a property for short sale. I hope this helps.
0 votes Thank Flag Link Tue Dec 11, 2007
I'm sure there are different rules in different states, but in Oklahoma I have seen realtors who have tried it. I would recommend checking with your broker, however, as recently we have been informed that our Errors and Omissions insurance may not be in place when we list our own homes.
0 votes Thank Flag Link Tue Dec 11, 2007
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