Some of you might start getting push back from loss mitigation departments for banks that are holding a loan in default that is insured by FHA. HUD requires that you the buyer have a licensed agent involved. They will not allow the bank to move forward with the short sale process unless all of their criteria are met.
Many of you would rather not use an agent for your deals, but if your deal was insured by FHA you will need to get an agent involved. My suggestion is to recruit someone who will not mess up the process with their own opinions and such. I recommend finding someone who is either savvy in creative real estate or is ok simply with you using their license to do your deals like this one.
I would not pay them full commission....you found the deal and are doing to leg work.....they are just offering the license to do the deal. If they are a broker or they have a reasonable broker they will be able to reduce their commission. If you don't ask, you don't get. After all, if they do it this time, they could make more free money again and again as you have deals that have FHA insurance.
Dangle carrots and see who bites!!!
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