I took this training down in Florida - Naples, to be exact. It was wonderful and very enlightening. I learned that most realtors do NOT want to do short sales. Ok, I have talked to many investors that do not want to do short sales either.
It's probably much easier for an investor to walk away from short sales. A realtor would probably have a much harder time. If a person is facing a foreclosure on their property and wants to try to sell to get out from under, what DO you do if the mortgage is just too high?
We would like to work with realtors to get short sales done. We have a website called http://ahs.managemyshortsale.com on which realtors can enter the information on the property they need help with. We have not used it yet, nor have we contacted local realtors to see if they would be interested in our services. I'm hearing that realtors do not like to take on these properties, but what if a realtor and an investor were to kind of team up?
For example, if the realtor came across a seller in default who was open to doing a short sale to sell their home, this realtor could call the investor to see if the investor was interested in the deal. If so, the investor could make an offer on the property, and the short sale process would begin. Our particular software has the short sale documents for each lending institution incorporated right into it, and it is updated regularly. The people we bought our program from are doing the business actively and are experts in the field.
Once the information is gathered and submitted, any time anything is updated or changed, the system automatically shoots an email to the homeowner, the realtor, the lawyer and anyone else put into the email loop.
While the short sale is being approved, the hunt begins for the end buyer. The person who is going to buy the house from the investor. The realtor would make the commission from the sale of the home to the investor, and if that same realtor brought a buyer to the investor, the realtor would make another commission in the sale from the investor to the end user. The investor, of course, would make the difference between what he bought it for from the bank, and the price he sold it to the end user for.
I know back to back closings are done, but how do you get around the seasoning issues if the end buyer has to get traditional financing?
Anyway, back to my question: Realtors: Do you do your own short sales, and have you been successful? I would love to hear your stories on this!!!
Babs Wagner
http://www.AreaHomeownerSolutions.com
http://ahs.managemyshortsale.com
http://tinyurl.com/InvestorsGetGreatDeals
So, let me ask the realtors reading this - what DO you do with short sales?
