Sunday, September 27, 2009

"Do I Need a Real Estate Agent to Do a Shortsale on a Home?" MD DC VA Real Estate Buyers and Sellers Want to Know!

"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

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"
Valarie's Website

301-476-8005 office
202-528-4761 cell
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