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Noah...I would check and see how much out of pocket you may have to lay out.Should not be a problem unless no one is living in the homes.
I don't mind being a short sale listing agent. Actually, I find it less stressful than trying to represent a buyer in a short sale.
I specialized in short sales in 2008 thru 2011 and they take an awful lot of work. You have to have patience, deep knowledge, be well organized and a time slot to work them. Or hire someone to do it for you.
Noah Seidenberg go for it! It's a great opportunity. And well, you know the process anyways. From listing side for a short sale, yes, it's lot of work however, you can do it!
If you have a fair amount of business already, I wouldn't bother. They will take up probably 60% of your time, and take years off your life.
I agree. There are a lot of questions to the question. We have agents that list bank owned homes but banks are not involved in listing a short sale. They 'OK; an amount based on time on market and offers received, or not prior to it becoming a short sale. At the time of Short Sale owner still has control of the home and accepting or not accepting an offer prior to the bank seeing it.
I'm not sure I understand the question because in a short sale the seller is usually still the owner and not the bank. Are the banks making recommendations to sellers as to which agent they should be using? If so, are they expecting to pay a lower commission? And would you be responsible for the short sale negotiations or can seller use an attorney for that? I guess it all depends on what is expected of you. I will list short sales but once I have a contract, I work with an attorney for the egotiation part.
Noah ,if you are going to help them and it does not cost you money to get the listings its fantastic , if you are going to pay to get on some banks list i personally don't like the idea.well just me ; have a great month
Thank you Anna Hatridge I am quite aware of that. :-)
Silvia Dukes PA, REALTOR as a short sale listing agent you list the property same as always, but when an offer comes in the seller can accept it but the lender has to approve it too. The lender is getting shorted on money when it is a short sale and therefore they have the right to say they will not accept that amount for the for the entire mortgage to be released.
Like Evelyn Johnston I did a lot of short sales and REOs a few years ago. Very time consuming when your representing the selling side.
Not a mistake if it's a legitimate business. Though, I'm skeptical. Are they charging an upfront registration fee? If so, I will bet it's bogus.
Go for it. This is a great opportunity to have serious discussions about timeliness of responses and being reasonable. Get them onboard with you first.
Noah, As others have mentioned you need a lot of patience with short sales. We have helped sellers with short sales and are happy when we can help a seller sell, but it can be very frustrating for sure and you really can work hard for your commission. It is even harder when the bank decides to pull the rug out under your hard work and they put it up for auction. Sounds like a good opportunity to check out short sales if they do not require you to be locked into a contract with this referral organization. Personally though, if I had to give some of my hard earned commission in a referral fee I would pass on this "opportunity" of short sale leads.
All the best.
Sounds like a great opportunity. A lot of banks will give you the listing if the house becomes a foreclosure. Good luck!
I listed shortsales until late in 2013. They all take an unbelievable amount of time and to get completed sometimes it takes calling the lender everyday. the last one it took both the seller and I calling every day. We had 3 neogiators, two we never heard from (not a peep) The last negotiator we at least had communication but still very poor. It was completed but I said never again.
I'll just be on the buy side of short sales and let someone else have all that time consuming fun. lol
Congratulations are in order. If you have never listed and successfully closed a short sale you might want to look into the CDPE course. I'm not even sure they are still offering it but it does cover most everything you need to know to successfully list short sales. There is a tremendous amount of work involved and it needs to be done right, plus each bank has different procedures.
However, if the bank has already agreed to approve these short sales you already won half the battle!
I would ask what does it cost? I woudl not pay anything up front for leads. If they have a referal fee, i would make sur eit is only to be paid when teh home closes. I have taken numerious listings like this, but made sure it didnt cost me anything
I thought the selelr chooses the agent. How does the bank get involved?
Listing short sales can be very complicated. I don't do it--I have a colleague who specializes in listing short sales, so when I get a listing that is a short sale, we share it--he does all the paperwork with lenders and I do the marketing. Be sure you are really on top of your listing game for short sales if you do this.
What is a short sale listing agent for major banks? Makes no sense. Do the banks own the homes? If so, they wouldn't be short sales. If not, the owner of the properties choose their agent, not their bank.
If the opportunity sounds right to you, and as long as there are no fees involved, go for it...
I would do it if they are asking you to do it. If you have to pay a fee to join or put money out to the organization... no way
No matter what everyone says or thinks, you are truly the only one who knows the right answer. If it is a "hell, yes", then do it. If you are not 100% sure, then say no...A
Ask a lot of questions, but I think it sounds like a wonderful opportunity. These are a lot of work...on both the selling and listing side. I have one short sale file that is about five inches thick. I was the listing agent.