<Steve> 82 Report post Posted January 24, 2011 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? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 25, 2011 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? Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted January 26, 2011 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. Share this post Link to post Share on other sites