[quote=SD Realtor]SDR, WHERE have I stated here that “buyers” are “putting out alot of money?” Am I missing something??
From BG –
“This “end run” after buyers have already committed to the transaction in the form of appraisal/inspection fees and lost time is what will need to be prevented from the get go to “Holmes-proof” yourself in the future”
“More importantly, how much time and money have the buyers wasted on this transaction that will never go thru in accordance with their purchase contract??”
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The statements above are not HERE, SDR, in this thread. If I stated this in another thread, it is because it was MY experience that buyers deposit an earnest money check on short sales. I haven’t conducted any “short sales” since the “big banks” got all this “govm’t bailout money” to muck up the works with.
[quote=SDRealtor]. . . Furthermore scare tactics such as you will be putting out alot of money for appraisals/inspections before knowing everything are simply incorrect.[/quote]
Why are you accusing me of “scare tactics,” SDR? Haven’t many of these Piggs already submitted offers and got them accepted on “wishful” short sales that either did not go thru or they lost interest before they did? Don’t you think intelligent Piggs “know the drill?” Do you think any post I may have made regarding “short sales” on this forum is “scaring” potential buyers away from them? Aren’t they a good portion of the resale market at present?
[quote=SDRealtor]Every agent tries to find out as much as they can before taking any listing, short sale or otherwise. In fact the your entire moaning session has nothing to do with short sales and everything to do with disclosure. Page 2 of the CAR RLA under seller representations COVERS EVERYTHING including, “other pending or threatened action that may affect the Property or Sellers ability to transfer it.”[/quote]
I don’t buy that every agent tries to find out as much as they can before taking any listing. I think some are probably flying by the seat of their pants. And how do you know sellers are smart enough to answer all the questions correctly on this disclosure and/or their agents have enough knowledge to help them do so? If sellers just lost a collection or other suit or are about to, or owes back income taxes, how do they know this might affect their ability to convey title to a buyer?? You’re assuming sellers have legal training or that they even realize what is happening/just happened to them. Often they are ignorant, dumbfounded and just plain weary of collectors, so just throw all their paper in a corner or circularly file it.
[quote=SD Realtor]So don’t make it sound like this “landmark case” is the first in trying to establish this. Stop it! If realtors are lax in not trying to make sure that the Sellers representations are not totally covered when they take a listing appt then shame on them. However you make it sound like this is some new thing, that this landmark case will change the way everything is done. This “landmark case” happened to ENFORCE what is already in place.[/quote]
SDR, your stmt above sounds like you think these poor Piggs are “impressionable” and don’t have a brain!
No, I don’t particularly see this case as “enforcing” the weak “safeguards” currently in place. I see this “landmark” ruling as eventually causing a “wholesale change” in the way short-sales are conducted in CA and lenders who do/have done business here will have to fall in line. I see CAR revising ALL their disclosure forms and addendums to do with short sales in the very near future. I also see the DRE mandating broker and salesperson continuing education and training in “chain-of-title” issues, debt collection, anatomy of a lawsuit and disclosure of the condition of title, including items which may be an imminent threat to conveying the title. I see listing agents playing “bad-cop” to their “delinquent” seller-clients, to cover theirs (and their broker’s) a$$es. I see buyer’s agents snooping up on a delinquent seller’s financial “situation” before they even write an offer on a “short sale” and also demanding multiple disclosures from listing agents before they write up offers. As time goes on and Holmes acquires “progeny,” this “disclosure” issue could morph down slippery slopes unimaginable to more recently licensed “boom time” agents/brokers who are “used” to having total “control” over the “flow” of information in a short-sale.
No, I’m not attempting to use “scare tactics” here. It’s just a sign of the times we’re living in today :={
