Short Sale Realtor in collusion with buyer, is it legal.

This topic has 310 replies, 12 voices, and was last updated 13 years, 8 months ago by SD Realtor.

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February 13, 2011 at 11:07 AM #18523

Doooh
Participant

A short sale went on the market on a Friday. The listing agent says she got her first offer same day, faxed it and had the buyer in an escrow account waiting for the bank to counter.

She is unwilling to pull that faxed offer after I talked directly with the selling agent 48 hours after her fax to the bank…. The 48 hours was a Sat and Sunday, when the bank is closed. “She has a System and she’s going to stick with it no matter what”.

She states that the buyer who submitted the first offer has the ability to come up with cash when the Bank counters. I said I do too, and I have $5k at the back end of the deal for the seller. She stated she’s going to work her system. I blatantly gave her a bribe for the seller to see the reaction.

It’s pretty hard to deny the listing agent already had a buyer in mind and is closing out/refusing to let the bank know there are other offers out there. She states there are 8 cash offers she’s taken in 3 days, Fri/Sat/Sun, but refuses to tell the bank they are there.

What can I do?

How do I get around this agent and go directly to the bank officer in charge of this property? Is this unheard of?

How can I get a hold of the seller? The place is vacant.

February 13, 2011 at 11:12 AM #665790

SD Realtor
Participant

Find out who her broker is and go directly to the broker. Submit your offer as well and make sure it is filled out correctly with all necessary addendums. The more documentation you have the better off you will be. Document all that has happened and get it to the listing agents broker. You can also let the broker know you will be filing a complaint with the dre as well.

You will not be able to talk to the lender at all. Privacy laws prohibit that. The lender will ONLY talk to the seller OR a third party authorized agent who the seller gave express written consent to the lender to talk to.

February 13, 2011 at 11:12 AM #665852

SD Realtor
Participant

Find out who her broker is and go directly to the broker. Submit your offer as well and make sure it is filled out correctly with all necessary addendums. The more documentation you have the better off you will be. Document all that has happened and get it to the listing agents broker. You can also let the broker know you will be filing a complaint with the dre as well.

You will not be able to talk to the lender at all. Privacy laws prohibit that. The lender will ONLY talk to the seller OR a third party authorized agent who the seller gave express written consent to the lender to talk to.

February 13, 2011 at 11:12 AM #666449

SD Realtor
Participant

Find out who her broker is and go directly to the broker. Submit your offer as well and make sure it is filled out correctly with all necessary addendums. The more documentation you have the better off you will be. Document all that has happened and get it to the listing agents broker. You can also let the broker know you will be filing a complaint with the dre as well.

You will not be able to talk to the lender at all. Privacy laws prohibit that. The lender will ONLY talk to the seller OR a third party authorized agent who the seller gave express written consent to the lender to talk to.

February 13, 2011 at 11:12 AM #666586

SD Realtor
Participant

Find out who her broker is and go directly to the broker. Submit your offer as well and make sure it is filled out correctly with all necessary addendums. The more documentation you have the better off you will be. Document all that has happened and get it to the listing agents broker. You can also let the broker know you will be filing a complaint with the dre as well.

You will not be able to talk to the lender at all. Privacy laws prohibit that. The lender will ONLY talk to the seller OR a third party authorized agent who the seller gave express written consent to the lender to talk to.

February 13, 2011 at 11:12 AM #666926

SD Realtor
Participant

Find out who her broker is and go directly to the broker. Submit your offer as well and make sure it is filled out correctly with all necessary addendums. The more documentation you have the better off you will be. Document all that has happened and get it to the listing agents broker. You can also let the broker know you will be filing a complaint with the dre as well.

You will not be able to talk to the lender at all. Privacy laws prohibit that. The lender will ONLY talk to the seller OR a third party authorized agent who the seller gave express written consent to the lender to talk to.

February 13, 2011 at 11:29 AM #665800

Doooh
Participant

So is it illegal as I described the situation?

I’m ready to go to war over this, these are my tax dollars bailing out Bank of America, and this realtor is purposely digging the bank deeper into a hole by not accepting legit cash offers on the next business day after listing the property.

February 13, 2011 at 11:29 AM #665862

Doooh
Participant

So is it illegal as I described the situation?

I’m ready to go to war over this, these are my tax dollars bailing out Bank of America, and this realtor is purposely digging the bank deeper into a hole by not accepting legit cash offers on the next business day after listing the property.

February 13, 2011 at 11:29 AM #666458

Doooh
Participant

So is it illegal as I described the situation?

I’m ready to go to war over this, these are my tax dollars bailing out Bank of America, and this realtor is purposely digging the bank deeper into a hole by not accepting legit cash offers on the next business day after listing the property.

February 13, 2011 at 11:29 AM #666596

Doooh
Participant

So is it illegal as I described the situation?

I’m ready to go to war over this, these are my tax dollars bailing out Bank of America, and this realtor is purposely digging the bank deeper into a hole by not accepting legit cash offers on the next business day after listing the property.

February 13, 2011 at 11:29 AM #666936

Doooh
Participant

So is it illegal as I described the situation?

I’m ready to go to war over this, these are my tax dollars bailing out Bank of America, and this realtor is purposely digging the bank deeper into a hole by not accepting legit cash offers on the next business day after listing the property.

February 13, 2011 at 12:11 PM #665820

Doooh
Participant

Here’s what I find on the listing agents website. This is a damn scheme if I’ve ever heard of one.

These guys are NOT Realtors, they investment buyers looking to sweep up properties before the next guy. You get a group of investors together, a couple Realtor to set up the deals, a guy in the field looking for people behind on the mortgage and viola, you just bought a cheap house and the Bank is the sucker.

It looks like they have to list it on MLS, and that’s were they pick up Squeaky Wheels like me.

This is not going to happen on my back, not this deal.

Am I being to conspiratorial or does this sound like what’s happening?

For agents:

Refer us a lead
We evaluate each property separately for possible purchase
After your property is approved, we can schedule an appointment to discuss our process with the homeowner
We will collect the Short Sale package to submit to the lender
You keep the listing and continue to market on the MLS
We negotiate with the bank to receive a short sale approval
Once the bank accepts terms of the short sale, we will purchase the property
You get paid! We do not affect your commissions.

Short Sale Negotiations (Processing and Underwriting)
(Short Sale, Pre-Foreclosure Sale)

A short sale is a transaction that allows the sale of a property for an amount that is less than the amount that is currently owed to the lender. The bank in return may accept the proceeds as full settlement of the debt. If you have suffered a long term financial hardship or are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property you may want to consider a short sale. In our negotiations with the lender, we may be able to provide you with a payoff that is significantly less than what you currently owe. A qualified buyer is required, in which we will help put in place. If this is an option you wish to pursue, please contact us immediately. Early communication is the key to a successful short sale negotiation. Our processing and underwriting staff knows exactly what the bank needs to negotiate a successful short sale. There may be tax ramifications associated with any short payo

February 13, 2011 at 12:11 PM #665881

Doooh
Participant

Here’s what I find on the listing agents website. This is a damn scheme if I’ve ever heard of one.

These guys are NOT Realtors, they investment buyers looking to sweep up properties before the next guy. You get a group of investors together, a couple Realtor to set up the deals, a guy in the field looking for people behind on the mortgage and viola, you just bought a cheap house and the Bank is the sucker.

It looks like they have to list it on MLS, and that’s were they pick up Squeaky Wheels like me.

This is not going to happen on my back, not this deal.

Am I being to conspiratorial or does this sound like what’s happening?

For agents:

Refer us a lead
We evaluate each property separately for possible purchase
After your property is approved, we can schedule an appointment to discuss our process with the homeowner
We will collect the Short Sale package to submit to the lender
You keep the listing and continue to market on the MLS
We negotiate with the bank to receive a short sale approval
Once the bank accepts terms of the short sale, we will purchase the property
You get paid! We do not affect your commissions.

Short Sale Negotiations (Processing and Underwriting)
(Short Sale, Pre-Foreclosure Sale)

A short sale is a transaction that allows the sale of a property for an amount that is less than the amount that is currently owed to the lender. The bank in return may accept the proceeds as full settlement of the debt. If you have suffered a long term financial hardship or are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property you may want to consider a short sale. In our negotiations with the lender, we may be able to provide you with a payoff that is significantly less than what you currently owe. A qualified buyer is required, in which we will help put in place. If this is an option you wish to pursue, please contact us immediately. Early communication is the key to a successful short sale negotiation. Our processing and underwriting staff knows exactly what the bank needs to negotiate a successful short sale. There may be tax ramifications associated with any short payo

February 13, 2011 at 12:11 PM #666478

Doooh
Participant

Here’s what I find on the listing agents website. This is a damn scheme if I’ve ever heard of one.

These guys are NOT Realtors, they investment buyers looking to sweep up properties before the next guy. You get a group of investors together, a couple Realtor to set up the deals, a guy in the field looking for people behind on the mortgage and viola, you just bought a cheap house and the Bank is the sucker.

It looks like they have to list it on MLS, and that’s were they pick up Squeaky Wheels like me.

This is not going to happen on my back, not this deal.

Am I being to conspiratorial or does this sound like what’s happening?

For agents:

Refer us a lead
We evaluate each property separately for possible purchase
After your property is approved, we can schedule an appointment to discuss our process with the homeowner
We will collect the Short Sale package to submit to the lender
You keep the listing and continue to market on the MLS
We negotiate with the bank to receive a short sale approval
Once the bank accepts terms of the short sale, we will purchase the property
You get paid! We do not affect your commissions.

Short Sale Negotiations (Processing and Underwriting)
(Short Sale, Pre-Foreclosure Sale)

A short sale is a transaction that allows the sale of a property for an amount that is less than the amount that is currently owed to the lender. The bank in return may accept the proceeds as full settlement of the debt. If you have suffered a long term financial hardship or are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property you may want to consider a short sale. In our negotiations with the lender, we may be able to provide you with a payoff that is significantly less than what you currently owe. A qualified buyer is required, in which we will help put in place. If this is an option you wish to pursue, please contact us immediately. Early communication is the key to a successful short sale negotiation. Our processing and underwriting staff knows exactly what the bank needs to negotiate a successful short sale. There may be tax ramifications associated with any short payo

February 13, 2011 at 12:11 PM #666616

Doooh
Participant

Here’s what I find on the listing agents website. This is a damn scheme if I’ve ever heard of one.

These guys are NOT Realtors, they investment buyers looking to sweep up properties before the next guy. You get a group of investors together, a couple Realtor to set up the deals, a guy in the field looking for people behind on the mortgage and viola, you just bought a cheap house and the Bank is the sucker.

It looks like they have to list it on MLS, and that’s were they pick up Squeaky Wheels like me.

This is not going to happen on my back, not this deal.

Am I being to conspiratorial or does this sound like what’s happening?

For agents:

Refer us a lead
We evaluate each property separately for possible purchase
After your property is approved, we can schedule an appointment to discuss our process with the homeowner
We will collect the Short Sale package to submit to the lender
You keep the listing and continue to market on the MLS
We negotiate with the bank to receive a short sale approval
Once the bank accepts terms of the short sale, we will purchase the property
You get paid! We do not affect your commissions.

Short Sale Negotiations (Processing and Underwriting)
(Short Sale, Pre-Foreclosure Sale)

A short sale is a transaction that allows the sale of a property for an amount that is less than the amount that is currently owed to the lender. The bank in return may accept the proceeds as full settlement of the debt. If you have suffered a long term financial hardship or are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property you may want to consider a short sale. In our negotiations with the lender, we may be able to provide you with a payoff that is significantly less than what you currently owe. A qualified buyer is required, in which we will help put in place. If this is an option you wish to pursue, please contact us immediately. Early communication is the key to a successful short sale negotiation. Our processing and underwriting staff knows exactly what the bank needs to negotiate a successful short sale. There may be tax ramifications associated with any short payo
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