I am curious to know if it is possible for investor buyers to bypass the normal short sale process and directly negotiate with banks to purchase a short sale property. I currently have a seller client who, prior to listing with me, had been contacted by an investor about a year ago who wanted to purchase her home. She did not pursue that option then; but now that we are in an agency relationship, she decided to reach out to this investor who, upon learning that the house was listed, promptly asked her how long the listing agreement was for, as he was not going to go through an agent and that his lawyers could get the short sale approved. Is this normal, and will any bank allow for a short sale without the house being listed? It sounds to me that the only way that can happen is if the investor is a licensed agent themselves...which means that, in effect, this investor is soliciting my listing under false pretenses...
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Mr. Brooks.
Your comment is true for 99% of most investors. However there is an investor that specializes in keeping people in their homes; by eliminating the short sale process. Most of the people here who are trying to complete short sale transactions are unaware that there is another option available to their clients that will allow them to keep their home. It does not matter if the homeowner is in the middle of the short sale process; or who who holds their note.
The best part of this is that the realtor or real estate would still make their regular commission; and their client would get to keep their property. We are about keeping communities in tact and keeping clients in their homes.
I can almost guarantee that most of the homeowners who are doing short sales, would keep their home if they had a chance to, if you don't believe me just ask them the following question: If you had a chance to keep your home right now would you do it?
Realtors & Real Estate agents can eliminate going through these draining situations, by keeping their clients in their homes; and still make the same amount of money.
I've never seen this happen as most loans are sold in pools, not individual loans unless you're dealing w/a local bank.
Kevin, What banks and type of loans have you worked with? Do you have documented proof of said transactions?
I have tried buying notes at Bank of America, Wells Fargo and Chase. Not one of them will sell a single loan. All loan sales are in pools of hundreds or thousands of loans and are sold to institutions with massive amounts of capital. Small local and regional banks that had portfolio loans were selling loans at discounts back 4-8 years ago and it was fairly common. I know a person who was a financial professional in the note buying business. That has all but disappeared now as those banks sold off all the loans then wanted to, or went belly up. Almost all the loans made now are Fannie/Freddie, Ginnie or FHA insured, VA Guaranteed, etc. portfolio loans that cannot be sold at a massive discount unless sold in the massive loan pool sales you are already aware of.
Please forward your NCNDA to [email protected] for review.
much appreciated.
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