Is this possible to deal with short sale without agent?

**housemark** · 04-24-2008, 12:12 AM

Hi,
I am looking for investment property in San Jose area, CA. We have many short sales and foreclosures on the market now. I have done many researches and books. But without agent, is this possible to handle short sale? I am willing to learn and plan to have license soon. Thanks for your time.

**REbuyersgroup** · 04-27-2008, 10:34 AM

If the house is listed with an agent, you will have to deal with them, not the seller.

In that case, you want to have an agent representing you.

If you find a house not listed, and the seller agrees to sell it to you, you will have to handle the short-sale negotiation on your own (not so easy). I recommend getting a real estate attorney to do it, or pay an experienced RE agent 3% to handle it.

**CGjerdetu** · 04-29-2008, 02:57 PM

As a buyer, you are not the one to pay the commission, the seller pays the listing side a set amount if there is another agent involved or not. Why would you not want an agent working for you? They will also be able to help you determine an asking price. The most frustrating thing on short sales is the amount of time they can take. A seller can agree to a price however it requires the lender to agree to take a shortfall. There are certain sellers that are better candidates than others. Statistically only about 20% of all short sale listings nationwide have a sucessful sale. They can be a good deal for the right buyer. Are you looking at this as your home or as an investment.

**vikas2607** · 04-29-2008, 11:41 PM

In India it is possible.
You can contact with direct buyer

propertywala.com

**GetSmart** · 05-06-2008, 07:22 AM

Originally Posted by CGjerdetu

As a buyer, you are not the one to pay the commission, the seller pays the listing side a set amount if there is another agent involved or not.

In theory that makes sense, but speaking with logic homeowners set their price at a point to cover the agents fee that they would have to pay, so since the buyer is purchasing the house with the agents fee, the buyer is then paying the agents fee indirectly.

Usually if the agents fee wasn't there the buyer will be paying less for the home.

Oh yeah and poster if you have to ask can you perform a short sale without an agent, you probably shouldn't attempt to because you can really get screwed and sued if you don't know what you are doing. Go the through short sale a few times with someone that knows then you can venture out on your own.

**Valentin Luboya** · 05-07-2008, 09:28 AM

Hello,
I agree with CG, don't get an agent. Maybe a lawyer is needed to make sure the sale is legal and has all the proper verification.

Short sales can benefit everyone if done properly, but most people are unfamiliar with them.

Ask the agent and homeowner together if they are willing to go through the process.Try and secure a contract with them, a lease to purchase, a signed offer sheet, whatever they are willing to do to show the lender your going to buy the home.

I find its easier to have a signed contract before talking to a lender, because then they know you are dealing with the homeowner directly.

If you already have a contract in hand, the lender will deal with you much faster. Almost every lender has packets of information for short sales, they usually will be happy to sell the home rather than allow it to go to foreclosure.

Cheers,
Val