Posted by james Hunter on February 27, 2003 at 23:33:02:
Do a for sale buy owner and have it listed in the mls how is that possible.
Shortsale Questions - Posted by James Hunter
Posted by James Hunter on February 27, 2003 at 11:43:21:
How do you handle a mortgage company that requires that you have a active listing while doing a shortsale.
Hello and thanks for your potential help.
I am in a predicament where the lender requires that the couple who I am trying to do a shortsale with have the property actively listed. Does anyone know how to structure a transaction where I can still flip the property and reap some profits. I have a POA with the homeowners and they have signed a blank contract with me. All that is needed is my submitted offer to the mortgage company and way to list the property to a retail buyer via realtor for my market price. Any help is grealty appreciated.
Re: Shortsale Questions - Posted by Charles Clark
Posted by Charles Clark on February 27, 2003 at 13:14:38:
Can you just do a FSBO, without listing MLS?
Re: Shortsale Questions - Posted by Ryan
Posted by Ryan on February 28, 2003 at 13:11:36:
Charles,
This should work for you. I have been in your same predictament. The bank requires it to be actively listed to show initiative to sell so they will hold off the for closure. All they want is to see a contract and they are happy for the length of that contract. If you are confident with the ability to resell the house quickly and there is enough equity in it, you could do the following. Have then warranty deed the property over to you. As long as you have a good relationship with a realtor have her write up a contract with the original owners and send it to the bank with a contract for 9 months. Then have them quick claim the deed to you and have the contract voided and relisted under you. This way the house is marketed under you and you have the right to sell the property. The buyers buy from you and you then payoff the bank through the original owner and you reap any additional profit. Make sure you have a purchase contract for the short sale value. Or you could buy her out by getting your own loan and listing it after you take possession.