[quote=Doooh]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[/quote]
Looks like they have some problems with not putting their DRE# on their site.
It also looks like they are listed NBA (no broker affiliation) which is a problem.
However, both of those issues are easy to resolve.
To me, they bespeak absent-mindedness rather than corruption.
I am not totally sure that if you are partnering with a principal, you need to be licensed (like with a FSBO) but this crew still needs to spend like an hour in front of the computer to work out license issues.
