All Forum Posts by: Maryann L.

Has anyone run into issues getting title insurance on a short sale? We seem to potentially be running into a problem.

When I find a homeowner that is on board, we put our package together and get a listing agreement via a Realtor we bring in. The listing agreement A-B is between the Realtor and homeowner, because at the point we submit the package to the lender the house has to be listed. When we feel the package is close to getting accepted we then sign a listing agreement between us and the Realtor (2nd agreement) to relist the property as we have vested interest at this point.

So far this has worked well. How are others doing this?

I've run into problems when a Realtor has a listing and we come in as the buyer. Today the Realtor touted, "I work for the best interest of the homeowner and you don't" - I'm really ready to throw in the towell on this one. As if the Realtor isn't making money... sigh

Thanks Justin!
I think we're at that point.

Much appreciated.

We have a separate disclosure that states we are a buyer and we hire a negotiator that does our negotiations and we pay the negotiator a commission based on any profit we make. I'm wondering if I should just put it directly into the p&s? Does anyone have any set up like this? If so would you be willing to share?

I've had a long history of problems with some of the Realtors in my area and short sales. They view of the investor isn't positive. I was contacted by a homeowner that had a house listed for over a year and 1/2. We agreed to come in and purchase the house and negotiate the short. We explained our process to the Realtor who seemed to be fine with everything.

Tonight the &^^% hit the fan. I was on my way up to meet the BPO agent and the Realtor called. He was pretty angry that I was meeting the BPO agent. I emailed and called him yesterday asking if he could meet me at the property to meet the BPO agent and he couldn't. I called and told the homeowners I would go alone and they told me where to find a key.

He assumed I would reschedule the BPO I guess. Anyways, he's now throwing out the "is this legal" stuff and he has the listing so he's in control. He then called and said he was going to continue dropping the price and taking offers. I pretty much said we'd pull out of the sale and pull our negotiator.

Soooo....this is where I'm at. The homeowner SEEMS to be on board with us and we all have a conference call tomorrow. I want the Realtor and homeowner on the phone at the same time so I can get the full story.

How do you explain that once you put in the p&s that the house should go "pending" in MLS so it's not an active listing? I told the homeowner we need to do that to try to get the bank to agree to a short sale. If the Realtor keeps dropping the price, I've done all the work and there really is no need for my offer. He'll just find an end buyer and well, I'm out my time.

Suggestions?

We use Kim Harrington
http://www.bostonareia.com/Instructors_000.php
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