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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Of course with your vast experience in short sales you also know that regardless of what many of the lien or demand amounts are, there is no telling what they will be when it is time to fish or cut bait. Certainly whenever there is a second lender involved NOBODY will know what they will accept until after the offer is submitted and the first has decided what they will carve out for the second which is usually not much.
Short sales are not for everyone. There is no gaurantee for any buyer to know exactly what all demands are going to be from all lienholders or otherwise until you get down to brass tacks. If you think that before you submit the offer you are going to know all of these items then you should not be involved in a short sale, it is not for you period. Furthermore scare tactics such as you will be putting out alot of money for appraisals/inspections before knowing everything are simply incorrect.
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.”
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.
