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<Steve>

Short Sale

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Question regarding Short Sales.

 

I have a house under an Pure Option. The house is going into foreclosure. I am tying to help the owner by getting it sold. The last few weeks I have been marketing it just under retail, but would like to also take short sale offers.

 

Is there any reason that I, (as an investor), cannot market the house as a short sale, receive offers and let the owner present any of the offers to the bank to see if they will accept it?

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From a legal standpoint, if the Real Estate Police were watching I'm sure they would hassle you about brokering without a license. For me, though, the bigger issue is how would you get paid, Steve?

For example, if you have an option to purchase at $150K and the bank accepts a short sale for $100K, where's your piece of the pie?

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Convert the option to a Purchase and Sale agreement. Bring in a realtor to list the property. Hire a negotiator to work the short sale on your side and let the realtors sell the home. When everything lines up go to closing and cash your check.

 

Now there are a few things in the middle you need to work out.

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