I am trying to get as much info as I can on SS
any input would be greatly appreciated
I am planing to go to the court house and get the info about
houses that are going to sale and see if I can stop them and get a SS on them, and if the seller agrees to a price do they need a real estate agent? And if they are one of those people who just gave up can I get a real estate agent and start the process? Is it better to use a real estate agent or a mitigation company? I know short sales can be a pain but in the long run they can pay off if you wait it out.
Please give me all of your ideas and thoughts and how you guys do it and please feel free to message me
Thank you so much
The banks require a real estate agent to submit all short sales. The seller and the borrower need to agree. Most agents want to submit a short sale until they know you have cash to close.
Patience is the key to buying short sales.
Also, every bank that I know of requires and agent to be involved and the property to be listed on the MLS. Even if you can lock up the transaction before it actually gets listed, the bank will require it to be listed and you will need an agent to do that for you.
You may not be required to show proof of funds to get the seller to agree, but at some point the bank will probably require proof of funds at some point long before giving approval for the short sale.
Having said that, my first short sale purchase as an investor was a highly distressed single family house that I locked up under contract without proof of funds, the bank approved the short sale, and I then assigned the contract at the closing table to another investor. This type of transaction is rare among short sales, but it is possible.
You mentioned that you want to go to the court house. Mostly for SS to happen, the loan value has to be more than the market value of the property (borrower is underwater). You may want to check the loan values of the properties you want to target at the court house. Sometime its advantageous for the bank to go for a foreclosure and auction the property at the court house. Also you will have to work very quickly to make the bank stop the foreclosure process.
if the seller agrees to a price do they need a real estate agent?
Possibly not, but most likely yes.
And if they are one of those people who just gave up can I get a real estate agent and start the process?
If they agree and cooperate with signing the paperwork and providing documentation.
Is it better to use a real estate agent or a mitigation company?
Agent. They work for the commission and don't do funny tricks to try to put money in their pocket when the bank refuses to pay their fee.
Phil Z., TOP END Properties | 203‑936‑7776 | http://www.rehabhousesinct.com
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