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

[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.

[ljinvestor]

You should almost think about short sales as playing the lottery. Chances are slim but usually a great deal if you get it. Don’t get too frustrated as it will only cause more stress and unfortunately you or me can’t change the current system

[ljinvestor]

You should almost think about short sales as playing the lottery. Chances are slim but usually a great deal if you get it. Don’t get too frustrated as it will only cause more stress and unfortunately you or me can’t change the current system

[ljinvestor]

You should almost think about short sales as playing the lottery. Chances are slim but usually a great deal if you get it. Don’t get too frustrated as it will only cause more stress and unfortunately you or me can’t change the current system

[ljinvestor]

You should almost think about short sales as playing the lottery. Chances are slim but usually a great deal if you get it. Don’t get too frustrated as it will only cause more stress and unfortunately you or me can’t change the current system

[ljinvestor]

You should almost think about short sales as playing the lottery. Chances are slim but usually a great deal if you get it. Don’t get too frustrated as it will only cause more stress and unfortunately you or me can’t change the current system

[ninaprincess]

If the Raven Ridge Pt house final sell price is significantly less than my offer and it is not in cash, I will contact the bank and get this straighten out. I have a record that we sent the offer over to the listing agent.

[ninaprincess]

If the Raven Ridge Pt house final sell price is significantly less than my offer and it is not in cash, I will contact the bank and get this straighten out. I have a record that we sent the offer over to the listing agent.

[ninaprincess]

If the Raven Ridge Pt house final sell price is significantly less than my offer and it is not in cash, I will contact the bank and get this straighten out. I have a record that we sent the offer over to the listing agent.

[ninaprincess]

If the Raven Ridge Pt house final sell price is significantly less than my offer and it is not in cash, I will contact the bank and get this straighten out. I have a record that we sent the offer over to the listing agent.

[ninaprincess]

If the Raven Ridge Pt house final sell price is significantly less than my offer and it is not in cash, I will contact the bank and get this straighten out. I have a record that we sent the offer over to the listing agent.

[SD Realtor]

So there are a few things at issue here.

The first thing is that most short sales will require that all parties sign off on the transaction being an arms length transaction. By signing this document all parties are implying that the sale is not being made to family or friends.

People do lie though.

Second off, there is still a fair amount of straddling going on. A straddle is a middle man or investor that will purchase the home for cash and while the short sale is still going, will essentially try to resell the home. So he goes in with a super low offer with cash and gets his offer into the lender. Usually they will work directly with the listing agent as well. The property will then continued to be on the market as active as well or sometimes they will pull it off and mark it as contingent. This does not happen as much as it used to but it does happen.

*********

Now as far as you submitting offers but they get taken before you have a chance to act, you should be contacting the listing broker to find out some details. What if the other offer is less then yours but it is a all cash deal? I know alot of shenanigans go on but maybe finding out as much factual information about the situation may prove beneficial.

The bottom line is that homes priced aggressively go fast and we are coming into the spring. People are concerned about interest rates moving as they have already gone up about .75 of a point in the last 3 months.

[SD Realtor]

So there are a few things at issue here.

The first thing is that most short sales will require that all parties sign off on the transaction being an arms length transaction. By signing this document all parties are implying that the sale is not being made to family or friends.

People do lie though.

Second off, there is still a fair amount of straddling going on. A straddle is a middle man or investor that will purchase the home for cash and while the short sale is still going, will essentially try to resell the home. So he goes in with a super low offer with cash and gets his offer into the lender. Usually they will work directly with the listing agent as well. The property will then continued to be on the market as active as well or sometimes they will pull it off and mark it as contingent. This does not happen as much as it used to but it does happen.

*********

Now as far as you submitting offers but they get taken before you have a chance to act, you should be contacting the listing broker to find out some details. What if the other offer is less then yours but it is a all cash deal? I know alot of shenanigans go on but maybe finding out as much factual information about the situation may prove beneficial.

The bottom line is that homes priced aggressively go fast and we are coming into the spring. People are concerned about interest rates moving as they have already gone up about .75 of a point in the last 3 months.

[SD Realtor]

So there are a few things at issue here.

The first thing is that most short sales will require that all parties sign off on the transaction being an arms length transaction. By signing this document all parties are implying that the sale is not being made to family or friends.

People do lie though.

Second off, there is still a fair amount of straddling going on. A straddle is a middle man or investor that will purchase the home for cash and while the short sale is still going, will essentially try to resell the home. So he goes in with a super low offer with cash and gets his offer into the lender. Usually they will work directly with the listing agent as well. The property will then continued to be on the market as active as well or sometimes they will pull it off and mark it as contingent. This does not happen as much as it used to but it does happen.

*********

Now as far as you submitting offers but they get taken before you have a chance to act, you should be contacting the listing broker to find out some details. What if the other offer is less then yours but it is a all cash deal? I know alot of shenanigans go on but maybe finding out as much factual information about the situation may prove beneficial.

The bottom line is that homes priced aggressively go fast and we are coming into the spring. People are concerned about interest rates moving as they have already gone up about .75 of a point in the last 3 months.

[SD Realtor]

So there are a few things at issue here.

The first thing is that most short sales will require that all parties sign off on the transaction being an arms length transaction. By signing this document all parties are implying that the sale is not being made to family or friends.

People do lie though.

Second off, there is still a fair amount of straddling going on. A straddle is a middle man or investor that will purchase the home for cash and while the short sale is still going, will essentially try to resell the home. So he goes in with a super low offer with cash and gets his offer into the lender. Usually they will work directly with the listing agent as well. The property will then continued to be on the market as active as well or sometimes they will pull it off and mark it as contingent. This does not happen as much as it used to but it does happen.

*********

Now as far as you submitting offers but they get taken before you have a chance to act, you should be contacting the listing broker to find out some details. What if the other offer is less then yours but it is a all cash deal? I know alot of shenanigans go on but maybe finding out as much factual information about the situation may prove beneficial.

The bottom line is that homes priced aggressively go fast and we are coming into the spring. People are concerned about interest rates moving as they have already gone up about .75 of a point in the last 3 months.

[Author]

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