What’s preventing listing realtors (on short sale homes) from favoring friends or relatives?

[ninaprincess]

Sorry if I sound uninformed but do the banks have any process that prevents cheating in short sales? For example, why would the Rimridge home in Mira Mesa listed for one week and accepted an offer at 399k and then refused to consider any other offer? Another example is a nice home on Thomas Haynes ln that went for 420k when it could have sold for 460k? Do realtors toss out good offers in favor their friends and relatives?

I know one person that bought a home in Temecula for a cool $1 mil. Stopped making payment, went through the short sale process and then had a relative bought the property for 550k. He never moved out of the house.

[CA renter]

Nothing is stopping them, which is why there is so much fraud in short sales.

All too often, I’ve seen houses being listed as short sales, yet they are marked contingent upon being listed. This defrauds the banks from getting the highest and best offers, which will end up costing the taxpayers lots of money, since we are apparently on the hook for a good portion of the losses in the mortgage industry.

[CA renter]

Nothing is stopping them, which is why there is so much fraud in short sales.

All too often, I’ve seen houses being listed as short sales, yet they are marked contingent upon being listed. This defrauds the banks from getting the highest and best offers, which will end up costing the taxpayers lots of money, since we are apparently on the hook for a good portion of the losses in the mortgage industry.

[CA renter]

Nothing is stopping them, which is why there is so much fraud in short sales.

All too often, I’ve seen houses being listed as short sales, yet they are marked contingent upon being listed. This defrauds the banks from getting the highest and best offers, which will end up costing the taxpayers lots of money, since we are apparently on the hook for a good portion of the losses in the mortgage industry.

[CA renter]

Nothing is stopping them, which is why there is so much fraud in short sales.

All too often, I’ve seen houses being listed as short sales, yet they are marked contingent upon being listed. This defrauds the banks from getting the highest and best offers, which will end up costing the taxpayers lots of money, since we are apparently on the hook for a good portion of the losses in the mortgage industry.

[CA renter]

Nothing is stopping them, which is why there is so much fraud in short sales.

All too often, I’ve seen houses being listed as short sales, yet they are marked contingent upon being listed. This defrauds the banks from getting the highest and best offers, which will end up costing the taxpayers lots of money, since we are apparently on the hook for a good portion of the losses in the mortgage industry.

[ninaprincess]

Another perfect example is 7513 Raven Ridge Pt, 92126 in Mira Mesa. Posted up on January 14 and removed from Market today. I put in a top offer on Monday but was told that they are done accepting offers (only after three days of listing). If they are serious about getting the best offer, why listed for less than a week? What the hell is this? Same issue with the Rimridge house.

http://www.zillow.com/homedetails/7513-Raven-Ridge-Pt-San-Diego-CA-92126/16785385_zpid/

[ninaprincess]

Another perfect example is 7513 Raven Ridge Pt, 92126 in Mira Mesa. Posted up on January 14 and removed from Market today. I put in a top offer on Monday but was told that they are done accepting offers (only after three days of listing). If they are serious about getting the best offer, why listed for less than a week? What the hell is this? Same issue with the Rimridge house.

http://www.zillow.com/homedetails/7513-Raven-Ridge-Pt-San-Diego-CA-92126/16785385_zpid/

[ninaprincess]

Another perfect example is 7513 Raven Ridge Pt, 92126 in Mira Mesa. Posted up on January 14 and removed from Market today. I put in a top offer on Monday but was told that they are done accepting offers (only after three days of listing). If they are serious about getting the best offer, why listed for less than a week? What the hell is this? Same issue with the Rimridge house.

http://www.zillow.com/homedetails/7513-Raven-Ridge-Pt-San-Diego-CA-92126/16785385_zpid/

[ninaprincess]

Another perfect example is 7513 Raven Ridge Pt, 92126 in Mira Mesa. Posted up on January 14 and removed from Market today. I put in a top offer on Monday but was told that they are done accepting offers (only after three days of listing). If they are serious about getting the best offer, why listed for less than a week? What the hell is this? Same issue with the Rimridge house.

http://www.zillow.com/homedetails/7513-Raven-Ridge-Pt-San-Diego-CA-92126/16785385_zpid/

[ninaprincess]

Another perfect example is 7513 Raven Ridge Pt, 92126 in Mira Mesa. Posted up on January 14 and removed from Market today. I put in a top offer on Monday but was told that they are done accepting offers (only after three days of listing). If they are serious about getting the best offer, why listed for less than a week? What the hell is this? Same issue with the Rimridge house.

http://www.zillow.com/homedetails/7513-Raven-Ridge-Pt-San-Diego-CA-92126/16785385_zpid/

[tom]

One short sale I lost out on, we were the first offer.. but before they got done signing our forms, another couple came in and promised the people living there a house swap (i.e., offered their current home as a rental to the current occupants), which was in the same neighborhood / kids stay in school, etc. That’s when we discovered what you’re discovering.. short sale is a unique circumstance where the current owners/occupants could care less what you want to pay for the home, but may be open to anything you can do for them.. they are unfortunately the gate keepers of what offer gets sent to the bank (the listing agent is their agent, not the banks). And then, of course, we found out later the deadbeats couldn’t even afford the rent on what the buyers wanted on their old home.. so the whole reason the other people cut in line evaporated. After that experience, short sales got a dim view in our eyes as just too shady. We were ready to play the “waiting game”; less prepared for the bribery part 🙂 Maybe a more dedicated buyer than we were could of somehow contacted the bank and worked around the current owners, but we didn’t pursue that.

[tom]

One short sale I lost out on, we were the first offer.. but before they got done signing our forms, another couple came in and promised the people living there a house swap (i.e., offered their current home as a rental to the current occupants), which was in the same neighborhood / kids stay in school, etc. That’s when we discovered what you’re discovering.. short sale is a unique circumstance where the current owners/occupants could care less what you want to pay for the home, but may be open to anything you can do for them.. they are unfortunately the gate keepers of what offer gets sent to the bank (the listing agent is their agent, not the banks). And then, of course, we found out later the deadbeats couldn’t even afford the rent on what the buyers wanted on their old home.. so the whole reason the other people cut in line evaporated. After that experience, short sales got a dim view in our eyes as just too shady. We were ready to play the “waiting game”; less prepared for the bribery part 🙂 Maybe a more dedicated buyer than we were could of somehow contacted the bank and worked around the current owners, but we didn’t pursue that.

[tom]

One short sale I lost out on, we were the first offer.. but before they got done signing our forms, another couple came in and promised the people living there a house swap (i.e., offered their current home as a rental to the current occupants), which was in the same neighborhood / kids stay in school, etc. That’s when we discovered what you’re discovering.. short sale is a unique circumstance where the current owners/occupants could care less what you want to pay for the home, but may be open to anything you can do for them.. they are unfortunately the gate keepers of what offer gets sent to the bank (the listing agent is their agent, not the banks). And then, of course, we found out later the deadbeats couldn’t even afford the rent on what the buyers wanted on their old home.. so the whole reason the other people cut in line evaporated. After that experience, short sales got a dim view in our eyes as just too shady. We were ready to play the “waiting game”; less prepared for the bribery part 🙂 Maybe a more dedicated buyer than we were could of somehow contacted the bank and worked around the current owners, but we didn’t pursue that.

[tom]

One short sale I lost out on, we were the first offer.. but before they got done signing our forms, another couple came in and promised the people living there a house swap (i.e., offered their current home as a rental to the current occupants), which was in the same neighborhood / kids stay in school, etc. That’s when we discovered what you’re discovering.. short sale is a unique circumstance where the current owners/occupants could care less what you want to pay for the home, but may be open to anything you can do for them.. they are unfortunately the gate keepers of what offer gets sent to the bank (the listing agent is their agent, not the banks). And then, of course, we found out later the deadbeats couldn’t even afford the rent on what the buyers wanted on their old home.. so the whole reason the other people cut in line evaporated. After that experience, short sales got a dim view in our eyes as just too shady. We were ready to play the “waiting game”; less prepared for the bribery part 🙂 Maybe a more dedicated buyer than we were could of somehow contacted the bank and worked around the current owners, but we didn’t pursue that.

[Author]

Posts