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  • November 19, 2009 at 9:54 AM #484486
    urbanrealtor
    Participant

    [quote=sdrealtor]I get emails almost daily from short sale companies looking to pull these kinds of shenanigans. They are slimebags. From what I see in the SD market there isnt alot of this going on. Thhe market is strong enough that the lenders recognize they can get full retail on the properties so there isnt much margin to facilitate these things on short sales. Not to say it doesnt happen here (I’m sure it does to some degreee) just that it isnt all that prevalent in this market.[/quote]

    I actually managed to have a sit down with an Escondido atty who was doing this.

    Its pretty easy.
    She did not even have MLS access.

    Instead, she just went through the UT announcements about the NOT’s and knocked on the door.
    The borrower was happy at avoiding a foreclosure.
    The bank was happy to have cash instead of a property.
    The atty was happy because she found a new buyer while in escrow to buy and sold it about a week after buying (with a healthy markup).
    The new buyer was happy because it was a small premium for not having to deal with a short sale or an REO.

    Honestly, I think the only one acting dumb or unethical here are the banks for the following reasons:

    -They aren’t doing research prior to contracting to sell and thereby getting low prices for their collaterals (thus costing shareholders and possibly taxpayers)

    -They aren’t being proactive regarding foreclosure alternatives (thus leaving it to others to figure out how to avoid it.)

    They set it up as a sink-or-swim for borrowers with fucked up loans and then feign surprise when the borrowers look after their own well-being.

    It seems to me that everyone other than the banks are looking after their own interests in a fair way.

    November 19, 2009 at 10:28 AM #484516
    SD Realtor
    Participant

    I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.

    November 19, 2009 at 10:28 AM #484349
    SD Realtor
    Participant

    I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.

    November 19, 2009 at 10:28 AM #484974
    SD Realtor
    Participant

    I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.

    November 19, 2009 at 10:28 AM #485202
    SD Realtor
    Participant

    I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.

    November 19, 2009 at 10:28 AM #484888
    SD Realtor
    Participant

    I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.

    November 19, 2009 at 12:38 PM #484551
    urbanrealtor
    Participant

    [quote=SD Realtor]I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.[/quote]

    That’s what I was talking about dude.
    That’s also what the article was about.

    They have to use specific escrow companies that specialize in double escrows (one for the 1st transaction with a slightly offset one for the second).

    November 19, 2009 at 12:38 PM #485007
    urbanrealtor
    Participant

    [quote=SD Realtor]I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.[/quote]

    That’s what I was talking about dude.
    That’s also what the article was about.

    They have to use specific escrow companies that specialize in double escrows (one for the 1st transaction with a slightly offset one for the second).

    November 19, 2009 at 12:38 PM #485238
    urbanrealtor
    Participant

    [quote=SD Realtor]I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.[/quote]

    That’s what I was talking about dude.
    That’s also what the article was about.

    They have to use specific escrow companies that specialize in double escrows (one for the 1st transaction with a slightly offset one for the second).

    November 19, 2009 at 12:38 PM #484923
    urbanrealtor
    Participant

    [quote=SD Realtor]I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.[/quote]

    That’s what I was talking about dude.
    That’s also what the article was about.

    They have to use specific escrow companies that specialize in double escrows (one for the 1st transaction with a slightly offset one for the second).

    November 19, 2009 at 12:38 PM #484383
    urbanrealtor
    Participant

    [quote=SD Realtor]I have also seen the “middlers”. Just a name I monikered. They actually make the purchase on the short sale and while they list it before the deal is even closed. So basically they will close on thier sale coincident with thier purchase. They skim the difference.[/quote]

    That’s what I was talking about dude.
    That’s also what the article was about.

    They have to use specific escrow companies that specialize in double escrows (one for the 1st transaction with a slightly offset one for the second).

    November 19, 2009 at 4:32 PM #484968
    SD Squatter
    Participant

    I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…

    November 19, 2009 at 4:32 PM #485052
    SD Squatter
    Participant

    I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…

    November 19, 2009 at 4:32 PM #485283
    SD Squatter
    Participant

    I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…

    November 19, 2009 at 4:32 PM #484596
    SD Squatter
    Participant

    I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…

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