I did a listing presentation to a seller who needs to do a short sale. I explained that some banks require the seller be delinquent before the short sale will be approved. I have also been told that if the seller is current on his mortgage, the lender is more likely to demand a promissory note.
The seller said a lawyer told him that Wells Fargo will offer better short sale terms to a seller who is working without a real estate agent. Has anyone ever heard of this?
Thanks.
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WF is famous for trying to deal directly with sellers and going around attorneys and agents. They do this becase they are trying to trick sellers into agreeing to deficiencies, notes, or other terms that an experienced short sale negotiator would not allow.
Always tell your seller that if the lender calls, never agree to anything.
The same applies to Servicer's pushing Homeowner's into DIL's.
Never saw a short sale where an agent wasn't required. Realtors are the only way for the banks to ensure (somewhat) that an effort was made to obtain true market value.
The attorney is dead wrong.
I agree with Bryant, sounds like the attorney is trying to figure out how to get the homeowner to write him a check. Fact is, the banks want the property to be MLS listed and an open market buyer found, which requires working with an agent.
Not true. In fact depending on what type of short sale it is an agent may even be required. Lenders want agents to be involved. The attorney is wrong.