As a point of clarification...it was not out intent to push your daughter in the direction of practicing without a license but to point out the option that exists......since short sales and forclosures take such a long time she might have her brokers license by then. Lorraine is right again......
But if your daughter is close to getting her license, and she may be, you might want to hold off until she gets it, before playing that card.
The "Eckler Team"
regarding your inquiry. First of all, the Realtor Must Disclose his/her personal involvement in any transaction.
The term SHORT SALE has nothing to do with what you seem to be thinking.
A short sale is when the owner of a house owes the lender a sum of money Example--$100,000 for a home. For whatever reason, the owner cannot make the monthly payments, he/she contacts the Lender, explains their situation and after deciding that even refinancing at a lower monthly payment is too much for hem to handle, the home is placed on the market. If Listed with a Real Estate company, which is extremely important to do, the house will be priced at less than what is owed Example---$75,000.
The Realtor shows the home, a prospective Buyer is found and he/she puts in an Offer.
This is where it becomes complicated. If the Lender is a large company, one could wait for months for a decision. So the Buyer must be patient with no guarantees that the Offer will be accepted.
I do not quite understand what you mean about the Realtor Buying the home.
Call me at (813) 716-0187 I can represent you daughter and can assure you, she'll receive unsurpassed service
Ken Lawrence-Realtor/Notary Public
Cetified Home Marketing Specialist
Community Commercial Agent
Coldwell Banker Real Estate
It's not a transaction to go into without the aid of a well experienced Realtor.
If you're working with a Realtor, take her advice. If you're not already working with a Realtor, please call me or another Realtor.
Also, I guess I failed to mention that my Realtor daughter is studying in Indiana!!
Lorraine's answer is "right on target."
Additionally, if your daughter, studying to be a realtor, makes the initial contact and presents your daughter who is interested in purchasing property as a motivated buyer she might qualify as a "referral." This means she would be entitled to a percentage of the commission. Most referral splits are in the 25% range.
Since short sales involve the lending agency agreeing on the terms of the sale they are traditionally long and a true test of ones patients but in this case may benefit your daughter who is becoming an agent by allowing her time to pass her state test and become associated with a RE company.
We would be happy to entertain this type of relationship that would benefit everyone.
Please feel free to contact us for additional information as needed.
The "Eckler Team"
Century 21 Almar and Associates