Short Sale now or LATER? - Posted by RossD(NC)

Posted by Carmen_FL on July 17, 2002 at 16:37:57:

You can’t do a Short Sale without the cooperation of the seller. They will more than likely need to send their financial information in, and a short sale will affect them in the long run. If they like their agent, and you’re trying to go around him/her, all you’re going to do is upset the seller (as well as the realtor, of course) which may end up with them refusing to deal with you completely.

Better to go in and give the agent and offer for the amount you want to pay, subject to the bank accepting a certain amount on a short sale. Tell the agent/seller that you realize what you are offering may not cover all their costs, but that you can negotiate a short sale with the bank if they are not comfortable doing it. Let the agent know they will get their commission anyway. You may have to explain what a short sale is. The sellers will need to give you authorization to speak to the bank, and they will need to provide the bank with some personal information as well. You realize, and you should tell them, that there is not guarantee that the bank will accept your offer.

When you do talk to the bank, make sure you tell them everything that’s wrong with the house, get the low comps, and take pictures or get estimates for the repairs. If they think they can get more at the foreclosure sale, they will be less inclined to consider your short sale request.

Short Sale now or LATER? - Posted by RossD(NC)

Posted by RossD(NC) on July 17, 2002 at 15:34:47:

Home in NC in pre-foreclosure that is listed with realtor currently at 93K. Home fixed up worth 115K, but in need of 40K in repairs. Deed of Trust for 75K plus late fees attorney etc. Should I try to negotiagte with the realtor, or try to go over the realtor to the bank for a huge discounted sale? The bank has given the owner 6 more weeks to move property before sale on courthouse steps. Any help woukd be appreciated. Thanks