OfflineI have been speaking with a RE Agent for the bank and informed her who I am and that I will be looking to pass of the property within 30 days. She replied and told me that it takes up to six months for the offer to go through. How do I approach this? Should I let her know that I will be passing off the equity to someone else and I am only making the initial offer?
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It's true, short sales can take 3 to 9 months for the bank's approval. In some rare cases the banks giving the REA an approval letter in the file, if this is the case then you know what the bank will accept for the property.
Also, a lot of banks are "buyer specific" on the contract...in other words who makes the offer must buy the property.
Basically if you what the bank will accept & it's not buyer specific, then you can lock it up & pass it off to an end buyer with a fee for yourself. Then
the end buyer gets to wait for the paperwork to get done & go to closing, which can take some time.
So, how would you approach this with the listing agent? The property is listed at $80,000 under FMV (I've done my research) but I still want to see the property before I make the offer.
Call the agent and arrange a showing!
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site