getting short sale leads from realtors - Posted by rich

Posted by Lee in LA on July 27, 2011 at 23:20:03:

I would call many RE offices and ask to speak with the agent that handles short sales. I would ask the SS agent for a copy of all of the paperwork and
forms that the bank/ mortgage co. requires when submitting an offer and closing a sale and tell them you will be buying property, soon.
I would think that if a bank or mtg. co. forbids something, that something would be described in the paperwork that you receive. You will have to get
an ? offer and closing package from each seller because each will have their own rules and regs. If there is such a thing, I would try to weasel the
Bank and or Mort. Co. / Agent contractual agreement from the agent too.

As long as it is PRE-disclosed, in writing to all parties, an agent should be able to work with all willing parties.

Lee in LA

getting short sale leads from realtors - Posted by rich

Posted by rich on July 26, 2011 at 14:58:02:

I want to work with realtors on their short sale listings. how it would work is I would be the buyer and do all of the work including the bank negotiations with the intent of buying the house and then reseling it in a double closing the same day.
The realtor would get their full commission without doing much work and everyone wins. Can a realtor bring you their shortsale deals without breaking their fiduciary duty by working with both the buyer and seller?

Re: getting short sale leads from realtors - Posted by Natalie-VA

Posted by Natalie-VA on August 08, 2011 at 08:47:27:

A listing agent normally owes his or her duty to the seller. If they are aware of another buyer willing to pay a higher price, I would think it could put them in an ethical situation, at a minimum.

Some of this (A-B-C transactions with listing agent’s knowledge) seemed to be standard practice for awhile, but I’m not sure if it’s still prevalent.