Most states agree that negotiating short sales as a listing agent is incidental to your real estate practice and therefore in line with the terms of your licensing and fair compensation.
The gray area is if you can get compensated for negotiating short sales for other agents. The real estate associations believe that you must be a licensed real estate agent to do any kind of short sale negotiations.
That said, prospective buyers should be prepared to stand up for their own position. Start The Loan Process Early: While not always the case, some banks will offer a small closing window to those looking to secure a short sale sometimes as little as two weeks. Those that have yet to secure funding may find that the window is too short. Summary Real estate short sales serve as some of the best deals with attractive profit margins for real estate investors.
Key Takeaways If you know how to negotiate a short sale, you are already ahead of most of the competition. Short sale price negotiations are a critical component to every short sale transaction. Knowing how much to offer on a short sale has more to do with knowing what the bank wants than what the home is actually worth.
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While the offer is up to the client, make sure they understand the lender may not respond to a lowball offer, but may agree or counter offer if your offer is reasonable. Often lenders will hold offers until they have a few. Clients with a cash offer will get the quickest response from the lender. A lender is less likely to approve a sale when the money is coming from itself. The lender is unlikely to give any.
Make sure your client understands that you may not hear back from the lender for 30 days or more. They can take this time to have a home inspection conducted and look into insurance options.
The better your communication, the more likely your client is to stay on the line. They often expire after 30 days. In a short sale, the proceeds of the home sale go to the lender, not the seller.
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