How do I approach seller/client's bank about short sale?
I have a listing that has been on the market for about 45 days now. 13 showings, no offers. We're overpriced. I know this. We're at the very bottom of what we can accept to make sure the bank loan gets paid off and there's still room left for 6% commissions & closing costs.
The seller has stopped making payments, and the seller is about to go into bankruptcy. His bankruptcy attorney has advised him to just sign the house over if we can't sell it for where we are right now.
I want to go to the bank and tell them we have no offers at the current price, and ask if they'll allow a short sale for whatever we can get. I think they'll end up better financially this way than if he signs the deed over in lieu of foreclosure.
What do y'all think? Obviously I want to keep the listing so it's not time wasted...but I also would like to see the seller not have to sign it over.
What is the best way to approach his bank as his agent? He's not good at those types of conversations. He'd have to call them then put me on the phone on his behalf.
Thanks!