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

[urbanrealtor]

[quote=SD Realtor]
There are the common double ended deals as well which are simply cases of agents being greedy and shielding or holding back offers.

It all kind of sucks. There is nothing preventing you from trying to find someone in distress and work out a deal with them. It is simply alot of time and effort and much harder and time consuming then it sound.

….

As we have discussed over and over the problem is the process. Regardless of whether it is a short sale or an reo, the dual agency problem is always going to be there.

…
It would be nice is there were some simple parameters added to the process. Simplistic ideas such as minimum advertising durations of say x number of days before an offer could be accepted in the case of an REO would be nice. Also in the case of multiple offers, the (pick a number) say 3 highest and best offers could all be submitted to the Asset manager with the realtors recommendation for which one to accept.

For short sales things get a bit more blurry because the damned processing time of the lender makes it harder. However something like the above suggestion for reos would go a long long way towards helping things out. Simply outlawing dual agency would not hurt either. Buyers may whine that they would rather keep the commission then have some agent they didn’t want representing them but there can be ways to work that out.

The MLS is simply an advertising tool. Realtors in fact are not required to use it and they can get a waiver signed by homeowners who do not want the home on the MLS and submit that waiver and the listing doesn’t have to go on the MLS. Saying the MLS is the problem is an ignorant statement.

The problem is that there are fundamental problems in the way short sales and reos MAY be handled. There are enough potential problems there that these types of sales need to have increased transparency and/or regulatory control.

…
[/quote]

Well put.
Amen brother.

[no_such_reality]

Sigh, another potential buyer getting massively frustrated because he’s always a day late to the party.

Why is he a day late to the party? Because he is looking at the MLS for his leads. Even worse, his agent is looking at the MLS for his leads.

The conclusion, conspiratory collusion on the agents and sellers. The likely reality, he’s got an incompetent agent that doesn’t really get the short sale process or the buyer himself is a more fickle and indecisive than he indicates.

The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.

[no_such_reality]

Sigh, another potential buyer getting massively frustrated because he’s always a day late to the party.

Why is he a day late to the party? Because he is looking at the MLS for his leads. Even worse, his agent is looking at the MLS for his leads.

The conclusion, conspiratory collusion on the agents and sellers. The likely reality, he’s got an incompetent agent that doesn’t really get the short sale process or the buyer himself is a more fickle and indecisive than he indicates.

The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.

[no_such_reality]

Sigh, another potential buyer getting massively frustrated because he’s always a day late to the party.

Why is he a day late to the party? Because he is looking at the MLS for his leads. Even worse, his agent is looking at the MLS for his leads.

The conclusion, conspiratory collusion on the agents and sellers. The likely reality, he’s got an incompetent agent that doesn’t really get the short sale process or the buyer himself is a more fickle and indecisive than he indicates.

The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.

[no_such_reality]

Sigh, another potential buyer getting massively frustrated because he’s always a day late to the party.

Why is he a day late to the party? Because he is looking at the MLS for his leads. Even worse, his agent is looking at the MLS for his leads.

The conclusion, conspiratory collusion on the agents and sellers. The likely reality, he’s got an incompetent agent that doesn’t really get the short sale process or the buyer himself is a more fickle and indecisive than he indicates.

The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.

[no_such_reality]

Sigh, another potential buyer getting massively frustrated because he’s always a day late to the party.

Why is he a day late to the party? Because he is looking at the MLS for his leads. Even worse, his agent is looking at the MLS for his leads.

The conclusion, conspiratory collusion on the agents and sellers. The likely reality, he’s got an incompetent agent that doesn’t really get the short sale process or the buyer himself is a more fickle and indecisive than he indicates.

The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.

[researcher9]

Doooh,
Welcome to the club! I hope you have read the following thread …

http://piggington.com/another_short_steal

My conclusion after 2+ years of house hunting is same. If you want to get the “Deal”, you have to risk it … either buy all cash at court house steps or become part of short sale manipulation along with Listing Agent and Seller. Several furstrated buyers are now using it as their “competitive edge”, after being around-the-corner for some time.
For the In-Demand properties, a transparent Short-Sale or REO process won’t give you any discount over retail market. You are more likly to pay more than the retail-price because of bidding wars over such properties.

[researcher9]

Doooh,
Welcome to the club! I hope you have read the following thread …

http://piggington.com/another_short_steal

My conclusion after 2+ years of house hunting is same. If you want to get the “Deal”, you have to risk it … either buy all cash at court house steps or become part of short sale manipulation along with Listing Agent and Seller. Several furstrated buyers are now using it as their “competitive edge”, after being around-the-corner for some time.
For the In-Demand properties, a transparent Short-Sale or REO process won’t give you any discount over retail market. You are more likly to pay more than the retail-price because of bidding wars over such properties.

[researcher9]

Doooh,
Welcome to the club! I hope you have read the following thread …

http://piggington.com/another_short_steal

My conclusion after 2+ years of house hunting is same. If you want to get the “Deal”, you have to risk it … either buy all cash at court house steps or become part of short sale manipulation along with Listing Agent and Seller. Several furstrated buyers are now using it as their “competitive edge”, after being around-the-corner for some time.
For the In-Demand properties, a transparent Short-Sale or REO process won’t give you any discount over retail market. You are more likly to pay more than the retail-price because of bidding wars over such properties.

[researcher9]

Doooh,
Welcome to the club! I hope you have read the following thread …

http://piggington.com/another_short_steal

My conclusion after 2+ years of house hunting is same. If you want to get the “Deal”, you have to risk it … either buy all cash at court house steps or become part of short sale manipulation along with Listing Agent and Seller. Several furstrated buyers are now using it as their “competitive edge”, after being around-the-corner for some time.
For the In-Demand properties, a transparent Short-Sale or REO process won’t give you any discount over retail market. You are more likly to pay more than the retail-price because of bidding wars over such properties.

[researcher9]

Doooh,
Welcome to the club! I hope you have read the following thread …

http://piggington.com/another_short_steal

My conclusion after 2+ years of house hunting is same. If you want to get the “Deal”, you have to risk it … either buy all cash at court house steps or become part of short sale manipulation along with Listing Agent and Seller. Several furstrated buyers are now using it as their “competitive edge”, after being around-the-corner for some time.
For the In-Demand properties, a transparent Short-Sale or REO process won’t give you any discount over retail market. You are more likly to pay more than the retail-price because of bidding wars over such properties.

[researcher9]

n.s.r,

“The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.”

=> Your advise is way too much complicated and impratical … a simple way to be just ditch your buyer’s agent and ask the listing agent and seller to “work” directly with you the “Buyer” … that way you wont have the issue of incompetent-buyer’s-agent. Also if you are Savvy enough to make a prudent home-buying decision in just 30 minutes, then it means that you have done your research and Home-Work thoroughly, and quite likly you dont need the Buyer’s Agent.
If you have not done your research and are trying to make one-of-the biggest financial decision of your lifetime in 30 minutes … you are ‘Risking It” big time.

[researcher9]

n.s.r,

“The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.”

=> Your advise is way too much complicated and impratical … a simple way to be just ditch your buyer’s agent and ask the listing agent and seller to “work” directly with you the “Buyer” … that way you wont have the issue of incompetent-buyer’s-agent. Also if you are Savvy enough to make a prudent home-buying decision in just 30 minutes, then it means that you have done your research and Home-Work thoroughly, and quite likly you dont need the Buyer’s Agent.
If you have not done your research and are trying to make one-of-the biggest financial decision of your lifetime in 30 minutes … you are ‘Risking It” big time.

[researcher9]

n.s.r,

“The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.”

=> Your advise is way too much complicated and impratical … a simple way to be just ditch your buyer’s agent and ask the listing agent and seller to “work” directly with you the “Buyer” … that way you wont have the issue of incompetent-buyer’s-agent. Also if you are Savvy enough to make a prudent home-buying decision in just 30 minutes, then it means that you have done your research and Home-Work thoroughly, and quite likly you dont need the Buyer’s Agent.
If you have not done your research and are trying to make one-of-the biggest financial decision of your lifetime in 30 minutes … you are ‘Risking It” big time.

[researcher9]

n.s.r,

“The agent has to make sure the other agent knows that you’re the guy to close the deal. You as a buyer need to know exactly what you want in a house, your agent needs to understand that, and you need to make up your mind in about 30 minutes upon seeing it.”

=> Your advise is way too much complicated and impratical … a simple way to be just ditch your buyer’s agent and ask the listing agent and seller to “work” directly with you the “Buyer” … that way you wont have the issue of incompetent-buyer’s-agent. Also if you are Savvy enough to make a prudent home-buying decision in just 30 minutes, then it means that you have done your research and Home-Work thoroughly, and quite likly you dont need the Buyer’s Agent.
If you have not done your research and are trying to make one-of-the biggest financial decision of your lifetime in 30 minutes … you are ‘Risking It” big time.

[Author]

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