Real Estate Investor · Knoxville, TN · Member since 2011 · 3 posts · 0 votes
Hello BP,
I am a newbie short sale investor. I have worked for a short sale company for over a year as a negotiator but have now ventured out on my own.
My question is I have started two companies. One to negotiate the short sale and the other company to be the B buyer in the A-B transaction. Am I able to negotiate the transaction and be the buyer in the A-B side. The company that I worked for did that if my memory serves me correctly. I just wanted to know if that would raise any red flags with the bank in your oppinion. I may be overthinking this but just want to make sure I'm on the right track. Any and all answers would be greatly appreciated.
Ryan, you will need to do full on disclosures to all parties and the bank. as a principal you can always negotiate for your own deals but most states now these days require special licensing for handling short sale negotiations. make sure you disclose to all parties full on in writing including the bank. any material fact held back could become a big problem that's starts with the F word.
Ali, Thanks for your reply. It is fully disclosed in the contract that is signed by all parties and sent to the bank that the seller authorizes the buyer to negotiate the short sale and to negotiate various offers with the bank. I just wanted to make sure that was sufficient. Your response was very helpful and confirmed my thoughts on that.