Do all banks require short sales to be listed with a Realtor before they will consider your offer?
Yes, the banks do require it be listed with a licensed agent. One of the items on the banks' checklist is to verify the MLS listing sheet as a PDF. They do this to get a handle on what the current market value range is. If the agent lists it too low, banks will come back and force them to raise the listing price. They also require a listing agreement and short sale addendum in addition to many other items.
Interestingly, though, any agent can take on any short sale listing, and there is no license/training/certificate or anything to verify the agent can handle the short sale. In Illinois, there is a short sale specialist education class Realtors may decide to take, but it is nothing like being in the field and working directly with the banks.
When you find a highly organized, experienced Short Sale agent, they can help push deal through faster and get to closing with less trouble because banks don't do anything to help a closing. They just ask for more paperwork.
If you have any more questions, please let me know!
@jennifer have you ever heard of cdpe.com? Its not accredited but i dont know if that would matter or not.
- CDPE means nothing to a lender. It's just a 'training' in business to make money for the 'designation'.
- Short Sales do not 'always' need to be listed to be considered. Each lender has their own guidelines. The best practice is to list for a minimum of 5 days including 1 weekend. This will satisfy Fannie Mae and just about every lender.
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