Short Sale listing - Take It / Refer It / Co-list It????

Hi Everyone,

I'm trying to decide what I should do with this listing.  I met with the seller a few months back, she decided to get a roommate.  That didn't work out and now she wants me to list it for her.  She isn't behind yet and will have to do a short sale.  She doesn't even have money for cc if she did sell at break even...I've had agents here tell me to have her stop making payments to save for the ss cc but I don't know...

HELP

Thanks

Views: 28

Replies to This Discussion

Permalink Reply by Brigitte Powell on September 8, 2010 at 12:49pm
nothing will happen unless she stops making payments.....but, she could call and ask them what her choices are. BEFORE she lists it with you. See what her options are FIRST....deed in lieu, etc. It's never a good idea to advise someone to stop making payments because that could all backfire. You could list it as a short sale, she keeps making the payments (if she can) you find a buyer, they make an offer and they know up front that it is a short sale. Then you submit the Seller's financial info with the contract to whoever is the servicer (mortgage company). Make sure it goes into MLS as a Short Sale. Don't compromise your commission, and keep coming back to this website to ask other folks for advice. Always negotiate never give up or say no....always keep negotiations going. when you send the MLS to the mortgage company (servicer) send the customer version not the agent version. They will also most likely want the listing agreement - make sure you have your regular commission in the listing agreement. Only send them the actual listing agreement.
Permalink Reply by Wendy Rulnick on September 8, 2010 at 2:06pm
Ayesha - To stop making payments is the seller's personal decision. You can get short sales approved with sellers current on their payments.

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