Getting Short Sale Leads | General Discussion | Forum » Strategic Real Estate Coach Members

Getting Short Sale Leads

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1:15 am
September 10, 2009

Nick Taylor

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posts 10

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Hi Guys! I'm new and need some help to get started.

I would like to know what is better to get agents to respond?

1) give the short sale listing agent an offer to do the short sale for them, help their seller avoid foreclosure and the benefits

2) just send the short sale listing agent a contract for the seller with an explanation of how

you do business and the beneifts to them

Thanks! Nick

2:06 pm
September 10, 2009

Dave Greig

Member

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Nick,

Go with #1.

If you don't talk with them first, most agents will likely balk at the Option Contract.

12:32 am
September 11, 2009

Ever Espana

Member

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I agree. You need to set up a meeting an see what they are confortable with. Most agents will say no if not explained properly to them.

2:48 pm
September 11, 2009

Nick Taylor

Member

posts 10

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Hi,

I need some clarification on this process to get a handle on getting started with short sales leads already listed in the MLS.

I thought agents are required to submit all offers to the homeower and

the Homeowner made the final decision whether to accept or reject an offer since they owned the property.

What are the pros and cons of having a buyer's agent submit your investor offer to the listing agent to purchase the property?

Thanks in adavnce for your responses!

9:23 am
September 13, 2009

Shawn Steinmuller

New Member

posts 2

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Nick,

I agree that some agents are walking a fine line when they do business. and you are correct agent and brokers are there to many things, one of which is to present the offers.

As a buyers agent I am a bit bias and think everyone should have one!

In the end you are entitled to represetation and you are paying for it, so why not have someone on your side at the table.

Pro: Your buyers agent will most likely come armed with market knowledge you don't have and experience in present offers and or contracts as this is not something that the average person does on a daily basis. as well the ablity to market that property for you later on to a few more people than you as seller can do on there own. FSBO 2-3 million people a month

Realtor.com – 6 million per month last I checked

MLS – varying on where you are – mine (20,000) agents and brokers looking for deals.

**In the End I only need one but I like my odds better in finding that one! vs a seller on his or her own**

Con: selling agent ego, lack of wanting to share commissions. these things happen and at the end of the day are a pain.

But if it is a short some agents are just trying to get an offer so they may not even come into play.

Biggest issue I see with all of this short sale stuff is pricing if the unit is priced way out of whack it seems to get crushed. I have seen some great discounts but not when there is one home in the area at that price more so when there is lots of competition.

11:43 am
September 16, 2009

Jennifer Corby

Naples, FL

Member

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Nick!

Agents are required to submit all offfers to the SELLER – in a short sale the seller is the BANK not the homeowner!

7:20 pm
September 16, 2009

Bradley Gaskins

Member

posts 130

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Jennifer!

In a short sale the SELLER is the HOMEOWNER. NOT the bank. The bank cannot sell what they don't own. They have to approve the short sale amount but the are NOT the seller. The homeowner can sell for less than they owe but they have to bring money to closing to clear the lein. When the bank forecloses and gets the house back they will become the owner and therefore can accept the offers to sell..

The ONLY offer that goes to the bank is the offer that is ACCEPTED by the HOMEOWNER who is the SELLER.

You are correct in that the agent is required to submit all offers to the SELLER but that is the HOMEOWNER not the bank.

4:58 pm
November 16, 2009

Rob Ruman

New Member

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In some jurisdictions, the agent is required to submit all offers. In other places, the agent is required to submit only written offers. Some areas alow the agent and the owner to predetermine what criteria (minimum price, only written offers, offers accompanied by a minimum up-front earnest money or promissory note, ability to close by a certain date,…) must be met so as to trigger the desired presentation of offer to seller.

If the listing agent is on his/her toes, they will make reference to some of these prerequisites in the fine print, broker remarks, or on any attachments of showing and or offer instructions.

Proving that the agent did or did not follow protocol is the difficulty. Your best bet is to open dialogue with the agent, build rapport, and investigate as to what possibilities might help al involved to get the property sold and negotiated successfully.

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