Can You Bypass The Realtor Of Short Sell And Deal With Owener Directly?

Hi! I am new in short sale. Looking for expert like you guy’s advise.

If there is a house in the FMLS listing and also mention short sale. Can I bypass the realtor and deal with the seller directly? If the house has two loans could the seller payback less than he owe? I know it is very possible for second mortgage to do that, but will the first loan company willing take less than the whole amount of first loan?

Is it true that the bank will not deal with a seller which is not short on payment yet? A seller have a house on the market for so long and can't sell his house. He and his realtor is trying to do a short salel. Is this possible?

Thank


[ Edited by kaiweilin on Date 03/28/2008 ]

[ Edited by kaiweilin on Date 03/28/2008 ]

[ Edited by kaiweilin on Date 03/28/2008 ]

Yes, you can bypass the realtor and go direct. If your licensed it is technically a no no.

Yes you can short the first.

The listing agreement is between the seller and the agent. If you are not licensed you can approach the seller directly, as Jack said. It is up to the seller to refer you to his/her agent or not.
I do think most banks require the property to be
MLS listed before/during the short sale but there are exceptions to everything.
Jim

jackbenimble and jimandlacy ,

Thank you very much

Almost all banks are requiring to see a "listing agreement" with the package. Doesn't mean it needs to be on the mls, banks don't check.

jackbenimble and jimandlacy ,

In the case I just mention, I still need get short sale packge and all the document needed and submit to bank again even the previous realtor may have done it already? Will the bank deal with me when they find out the seller already has submit short sale before.

Thanks

-Most banks will not even play ball with you until the seller is behind on their payments at least 3 months, and even then the hardship package you submit must be very compelling and detailed. Banks won't let a seller do a short sale just because they don't want to make the payments anymore.
-If the house is listed with an agent and it is an "exclusive right" listing then the agent will still be paid by the seller. It's a legal contract. So, why would you do all the work for the agent to get paid anyway? If you have an offer make them do the work and just have them submit the package.