Coach Pat here jumping in....
Short sales are phenominal but not all short sale deals are created equal.
I do agree that you need to be wise and pick a realtor/broker that not only can think outside the box and be solution minded but that person needs to have systems and processes in place for a successful outcome for both the buyer and the distressed seller. I have always maintained that realtor/brokers need to do what they do best...be a frikken realtor. I buy and re sell short sale deals every month to the tune of 50 to 75 deals to some months over a 100. Find a realtor that is hooked up to an investor and the investor is paying for the third party professional negotiation firm to handle the short sale negotiations. Look for deals that a realtor is re selling for the investor and the approval letters for the short pay are forth coming within 60 days.
Once the negotiations are complete, the investor pays cash, closes and purchases the short sale. The investor now can close and sell you the property and typically you will still get a fantastic discount because having a third party firm with former bank loss mitigators will get a much greater discount than what realtors can get negotiated. These guys usually have contacts at the banks and can get approvals at the lowest possible price the bank will allow. This is how the investor can make his margins and still get you a fantastic price for your new home. Always deal with a realtor that has their investor back by an attorney and backed by title. This method is a fanatastic solution for all parties involved and if an offer comes in too low and a profit can't be made for the investor the investor in my case will back out, eat the $3500 for the negotiation fees and allow the the distressed homeowner to go under contract with the buyer that the realtor found for the investor. When we are successful, we will guarantee a 6% commission for our realtors and make up any difference from our profit from the deal.
The huge problem the short sale industry faces is the lack of experienced real estate professionals that have a legal proven system in place that is solution minded. Beware of those realtors that insist on handling the bank negotiations personally themselves. These good hearted realtors are placing thmeselves at an unnecessary litigious risk for getting sued by a distressed homeowner when that realtor/broker fails at the bank negotiatinos. Can you smell a settlement and a pay out of the brokers E & O policy.
Watch the commercials on TV...Did you lose your home to foreclosure? Your not alone and it's not your fault! Did your realtor fail at the bank negotiations? You could be awarded compensation. Call the law offices of whoever for a free consultation..
If you are a realtor you owe it to your distressed homeowner to get in touch with me.
I have $3M in escrow at a title company with a credit line up to $10M. I like to purchase in the price range of $400K to $3M.
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