"Congrats on yet another short sale approval! Just wanted to know if you use an agent in your deals or whether you "represent an agent"? And if you don't use an agent, what do you provide the bank in place of the listing agreement. The last bank (suntrust) we dealt with was adament about having an agent involved, actually both a buyers and sellers agent."
Yes, you can complete a short sale without being a real estate agent; however, as you stated many banks highly prefer that a licensed agent is representing the client. Solving this problem is quite simple. Partner with a real estate agent who has knowledge and experience closing short sales and who has experience working with investors so that they understand your exit strategy. (I'm available of course :) This will satify the bank, you will have a valid listing agreement and you will have back up buyers should the first contract not work out.
Many investors don't want to work with realtors because they feel that the agent will kill their deal. The key is to find a knowledgable agent who knows real estate investing. (I'm avalable of course :) This partnership can turn out to be a win win for everyone involved.
If you truly prefer not to work with a licensed agent, you can have the client write a letter stating that the house is a "FSBO" Include how long the seller has been trying to sell the home themselves and if they have received any other offers. Most banks still want to see that the house has been listed by a licensed realtor (I'm avaliable of course :)
Since I am a licensed realtor, I always use an agent when I conduct a short sale.
A great place to meet and network with investor agents who are very investor savvy is at the upcoming DMV REIA meeting. We meet the first Saturday of each month. For more information go:
DMV REIA website
THE DOCTOR IS IN:
If you have a question about real estate or real estate investing, feel free to email me.
Good Luck....Go Make Some Money!
Valarie Jacobs
"The Real Estate Physician"
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Along with a solid base of education in real estate investing techniques, the key to surviving as a real estate investor and agent in Maryland, DC and Virginia is your state of mind. You can be a successful real estate investor and agent in MD, DC and VA!
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Meet Valarie Jacobs
Valarie Jacobs is no stranger to “Education.” From her Bachelors of Education from the Penn State University to her Masters of Education degree from Howard University in Washington, DC, she has created for herself a world of success through teaching. Post degree acquisition, she opened two children’s fitness centers in the northern Virginia area. While operating the centers full, she decided to explore the opportunities that the Real Estate industry had to offer. Soon after, she became a Licensed Real Estate Agent.
As a business owner, Valarie’s entrepreneurial spirit grew by the day. Her interest in Real Estate began to take the front seat to her other business ventures. Valarie began to study the “non-traditional” methods and strategies of Real Estate investment, learning the ins and outs of the transactions, when agents like her, were not used. She grew an extraordinary amount of understanding when it came to what happened behind the scenes of a real estate transaction. Her transformation to the savvy “guru” that she is now, came from becoming a loan officer so she could competently protect her clients when their best interests may not have been looked after by a mortgage brokers or lenders. She obtained a license in Title Insurance Production and began executing several acquisitions and closings per week.
With a natural heart for teaching, she became a Mentor with one of the largest Real Estate Investment Programs on the East Coast where she coached and mentored over 500 investors. She is thoroughly immersed in all aspects of creating wealth through real estate investment. She is President of DMV Real Estate Investor Association, Vice-President of Dynamic Realty and has a gift of guiding others to their destinies of financial freedom and dreams of being experts in real estate investment.
As a business owner, Valarie’s entrepreneurial spirit grew by the day. Her interest in Real Estate began to take the front seat to her other business ventures. Valarie began to study the “non-traditional” methods and strategies of Real Estate investment, learning the ins and outs of the transactions, when agents like her, were not used. She grew an extraordinary amount of understanding when it came to what happened behind the scenes of a real estate transaction. Her transformation to the savvy “guru” that she is now, came from becoming a loan officer so she could competently protect her clients when their best interests may not have been looked after by a mortgage brokers or lenders. She obtained a license in Title Insurance Production and began executing several acquisitions and closings per week.
With a natural heart for teaching, she became a Mentor with one of the largest Real Estate Investment Programs on the East Coast where she coached and mentored over 500 investors. She is thoroughly immersed in all aspects of creating wealth through real estate investment. She is President of DMV Real Estate Investor Association, Vice-President of Dynamic Realty and has a gift of guiding others to their destinies of financial freedom and dreams of being experts in real estate investment.
Valarie Jacobs - "How to Become Famous on the Internet"
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