Can this really happen?

[hammer]

I wrote an offer on a short-sale with an escalation clause that stated I would pay $5,000 more than the highest offer. The house went contingent pending today. The listing broker stated that 5 offers were received, with mine obviously being the highest, but the seller was going to sell it to a family member, who actually had the lowest offer..

The 1st trust deed is 1.32 million. I had the highest offer at $650,000. Is it legal for a short-seller to sell to a family member? It is an obvious inside deal in an effort to cut the mortgage in half. This seems like fraud!

I don’t mind losing a house fair and square, but I am angry that my tax dollars are being spent on supporting dishonest, over-levered homeowners

Is there anything I can do? The broker seems clueless to disclose that the house is being sold to a family member

At this point, I really don’t care if I get the house, but I don’t want this type of fraud to occur

[urbanrealtor]

As long as they do not make false statements that an interested party relies upon (to their detriment), I don’t think it is fraud.

Most but not all banks require that all parties sign something saying that this is an arm’s length transaction and that the buyer and seller are not related.

If they don’t lie and are honest (which often does not require showing the highest offer), then I think it is probably legal.

It is questionable in my opinion but I am not sure your disappointment constitutes illegality.

Also, contingent and pending are not the same.

My sympathies dude.

[urbanrealtor]

As long as they do not make false statements that an interested party relies upon (to their detriment), I don’t think it is fraud.

Most but not all banks require that all parties sign something saying that this is an arm’s length transaction and that the buyer and seller are not related.

If they don’t lie and are honest (which often does not require showing the highest offer), then I think it is probably legal.

It is questionable in my opinion but I am not sure your disappointment constitutes illegality.

Also, contingent and pending are not the same.

My sympathies dude.

[urbanrealtor]

As long as they do not make false statements that an interested party relies upon (to their detriment), I don’t think it is fraud.

Most but not all banks require that all parties sign something saying that this is an arm’s length transaction and that the buyer and seller are not related.

If they don’t lie and are honest (which often does not require showing the highest offer), then I think it is probably legal.

It is questionable in my opinion but I am not sure your disappointment constitutes illegality.

Also, contingent and pending are not the same.

My sympathies dude.

[urbanrealtor]

As long as they do not make false statements that an interested party relies upon (to their detriment), I don’t think it is fraud.

Most but not all banks require that all parties sign something saying that this is an arm’s length transaction and that the buyer and seller are not related.

If they don’t lie and are honest (which often does not require showing the highest offer), then I think it is probably legal.

It is questionable in my opinion but I am not sure your disappointment constitutes illegality.

Also, contingent and pending are not the same.

My sympathies dude.

[urbanrealtor]

As long as they do not make false statements that an interested party relies upon (to their detriment), I don’t think it is fraud.

Most but not all banks require that all parties sign something saying that this is an arm’s length transaction and that the buyer and seller are not related.

If they don’t lie and are honest (which often does not require showing the highest offer), then I think it is probably legal.

It is questionable in my opinion but I am not sure your disappointment constitutes illegality.

Also, contingent and pending are not the same.

My sympathies dude.

[tc]

Here is what you should do. Have a friend or family member buy a house that you like. He or she can live in the house for months without paying much. I think a few token payments. Then before it goes into forclosure you can buy it from them as a short sale. It will take close to a year for the forclosure process. And if prices keep going down you can bail out. Everyone wins when you play the game. ;0)

[tc]

Here is what you should do. Have a friend or family member buy a house that you like. He or she can live in the house for months without paying much. I think a few token payments. Then before it goes into forclosure you can buy it from them as a short sale. It will take close to a year for the forclosure process. And if prices keep going down you can bail out. Everyone wins when you play the game. ;0)

[tc]

Here is what you should do. Have a friend or family member buy a house that you like. He or she can live in the house for months without paying much. I think a few token payments. Then before it goes into forclosure you can buy it from them as a short sale. It will take close to a year for the forclosure process. And if prices keep going down you can bail out. Everyone wins when you play the game. ;0)

[tc]

Here is what you should do. Have a friend or family member buy a house that you like. He or she can live in the house for months without paying much. I think a few token payments. Then before it goes into forclosure you can buy it from them as a short sale. It will take close to a year for the forclosure process. And if prices keep going down you can bail out. Everyone wins when you play the game. ;0)

[tc]

Here is what you should do. Have a friend or family member buy a house that you like. He or she can live in the house for months without paying much. I think a few token payments. Then before it goes into forclosure you can buy it from them as a short sale. It will take close to a year for the forclosure process. And if prices keep going down you can bail out. Everyone wins when you play the game. ;0)

[SD Realtor]

UR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.

[SD Realtor]

UR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.

[SD Realtor]

UR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.

[SD Realtor]

UR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.

[Author]

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