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February 13, 2011 at 2:56 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #665981February 13, 2011 at 2:56 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #666578
SD Realtor
ParticipantDooh what you are thinking is simply making an unsolicited offer.
Everyday lots and lots of sharks pour over the public recordings to find new homeowners who are in default. They then approach these homeowners with plenty of exotic schemes from loan mods or workouts, to representation in one form or another to sell the home, as well as having investors ready for ABC transactions. An ABC transaction is pretty much a middle deal. An investor will buy a short sale while at the same time flipping it. So a distressed homeowner has a 700k loan and has to sell the home short. He short sells it but to some investor who will pay 500k for it and then at the same time keeps it active on the MLS and collects other offers for say 550k. The bank approves the 500k deal, that closes and at the same time the investor sells it for another 50k gain.
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. Similarly, as I have mentioned before, going out and getting a hard money lender or raising cash somehow and buying a home at trustee sale is another unconventional way to beat the game.
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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. In short sales some of this ABC crap is also present. 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. It doesn’t take a rocket scientist or a bitter sadsack to see that.
February 13, 2011 at 2:56 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #666717ParticipantDooh what you are thinking is simply making an unsolicited offer.
Everyday lots and lots of sharks pour over the public recordings to find new homeowners who are in default. They then approach these homeowners with plenty of exotic schemes from loan mods or workouts, to representation in one form or another to sell the home, as well as having investors ready for ABC transactions. An ABC transaction is pretty much a middle deal. An investor will buy a short sale while at the same time flipping it. So a distressed homeowner has a 700k loan and has to sell the home short. He short sells it but to some investor who will pay 500k for it and then at the same time keeps it active on the MLS and collects other offers for say 550k. The bank approves the 500k deal, that closes and at the same time the investor sells it for another 50k gain.
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. Similarly, as I have mentioned before, going out and getting a hard money lender or raising cash somehow and buying a home at trustee sale is another unconventional way to beat the game.
**********
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. In short sales some of this ABC crap is also present. 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. It doesn’t take a rocket scientist or a bitter sadsack to see that.
February 13, 2011 at 2:56 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #667056ParticipantDooh what you are thinking is simply making an unsolicited offer.
Everyday lots and lots of sharks pour over the public recordings to find new homeowners who are in default. They then approach these homeowners with plenty of exotic schemes from loan mods or workouts, to representation in one form or another to sell the home, as well as having investors ready for ABC transactions. An ABC transaction is pretty much a middle deal. An investor will buy a short sale while at the same time flipping it. So a distressed homeowner has a 700k loan and has to sell the home short. He short sells it but to some investor who will pay 500k for it and then at the same time keeps it active on the MLS and collects other offers for say 550k. The bank approves the 500k deal, that closes and at the same time the investor sells it for another 50k gain.
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. Similarly, as I have mentioned before, going out and getting a hard money lender or raising cash somehow and buying a home at trustee sale is another unconventional way to beat the game.
**********
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. In short sales some of this ABC crap is also present. 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. It doesn’t take a rocket scientist or a bitter sadsack to see that.
February 13, 2011 at 1:30 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #665864ParticipantDooh I did not say that the listing agent did anything legal or illegal. However my advice to you are the logical steps that you should follow assuming they did something illegal. Your agent should be able to counsel you accordingly but generally I have found that making assumptions that this or that happened based on postings is more often false or overblown then correct. Conversely many who Have complained of similar circumstance do so without even submitting a written offer. Whether you have a legitimate beef or not, what I suggested are indeed the prudent steps to take but by no means do I have any idea if what was illegal or not…
February 13, 2011 at 1:30 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #665926ParticipantDooh I did not say that the listing agent did anything legal or illegal. However my advice to you are the logical steps that you should follow assuming they did something illegal. Your agent should be able to counsel you accordingly but generally I have found that making assumptions that this or that happened based on postings is more often false or overblown then correct. Conversely many who Have complained of similar circumstance do so without even submitting a written offer. Whether you have a legitimate beef or not, what I suggested are indeed the prudent steps to take but by no means do I have any idea if what was illegal or not…
February 13, 2011 at 1:30 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #666523ParticipantDooh I did not say that the listing agent did anything legal or illegal. However my advice to you are the logical steps that you should follow assuming they did something illegal. Your agent should be able to counsel you accordingly but generally I have found that making assumptions that this or that happened based on postings is more often false or overblown then correct. Conversely many who Have complained of similar circumstance do so without even submitting a written offer. Whether you have a legitimate beef or not, what I suggested are indeed the prudent steps to take but by no means do I have any idea if what was illegal or not…
February 13, 2011 at 1:30 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #666662ParticipantDooh I did not say that the listing agent did anything legal or illegal. However my advice to you are the logical steps that you should follow assuming they did something illegal. Your agent should be able to counsel you accordingly but generally I have found that making assumptions that this or that happened based on postings is more often false or overblown then correct. Conversely many who Have complained of similar circumstance do so without even submitting a written offer. Whether you have a legitimate beef or not, what I suggested are indeed the prudent steps to take but by no means do I have any idea if what was illegal or not…
February 13, 2011 at 1:30 PM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #667001ParticipantDooh I did not say that the listing agent did anything legal or illegal. However my advice to you are the logical steps that you should follow assuming they did something illegal. Your agent should be able to counsel you accordingly but generally I have found that making assumptions that this or that happened based on postings is more often false or overblown then correct. Conversely many who Have complained of similar circumstance do so without even submitting a written offer. Whether you have a legitimate beef or not, what I suggested are indeed the prudent steps to take but by no means do I have any idea if what was illegal or not…
ParticipantVery nice post tg. jp I detected that same… almost melancholy as well. I think what will be more challenging is moving forward. You put an immense amount of time into not just the search but to all of the work you do for short sale tracking and stuff like that. If that was to help find a home great, or if it was to help others, that is cool as well. I am a bit curious as to what the goals of all that time and energy spent were. So as you move forward in life, do you keep that up with the same rigor?
Anyways, I am positive you will continue to post and keep up with the Joneses. I have a feeling the peace that tg will slowly envelope you if you let it. With the cash you still have as rates move up think of it as opportunity instead of regretting what you have already acquired.
ParticipantVery nice post tg. jp I detected that same… almost melancholy as well. I think what will be more challenging is moving forward. You put an immense amount of time into not just the search but to all of the work you do for short sale tracking and stuff like that. If that was to help find a home great, or if it was to help others, that is cool as well. I am a bit curious as to what the goals of all that time and energy spent were. So as you move forward in life, do you keep that up with the same rigor?
Anyways, I am positive you will continue to post and keep up with the Joneses. I have a feeling the peace that tg will slowly envelope you if you let it. With the cash you still have as rates move up think of it as opportunity instead of regretting what you have already acquired.
ParticipantVery nice post tg. jp I detected that same… almost melancholy as well. I think what will be more challenging is moving forward. You put an immense amount of time into not just the search but to all of the work you do for short sale tracking and stuff like that. If that was to help find a home great, or if it was to help others, that is cool as well. I am a bit curious as to what the goals of all that time and energy spent were. So as you move forward in life, do you keep that up with the same rigor?
Anyways, I am positive you will continue to post and keep up with the Joneses. I have a feeling the peace that tg will slowly envelope you if you let it. With the cash you still have as rates move up think of it as opportunity instead of regretting what you have already acquired.
ParticipantVery nice post tg. jp I detected that same… almost melancholy as well. I think what will be more challenging is moving forward. You put an immense amount of time into not just the search but to all of the work you do for short sale tracking and stuff like that. If that was to help find a home great, or if it was to help others, that is cool as well. I am a bit curious as to what the goals of all that time and energy spent were. So as you move forward in life, do you keep that up with the same rigor?
Anyways, I am positive you will continue to post and keep up with the Joneses. I have a feeling the peace that tg will slowly envelope you if you let it. With the cash you still have as rates move up think of it as opportunity instead of regretting what you have already acquired.
ParticipantVery nice post tg. jp I detected that same… almost melancholy as well. I think what will be more challenging is moving forward. You put an immense amount of time into not just the search but to all of the work you do for short sale tracking and stuff like that. If that was to help find a home great, or if it was to help others, that is cool as well. I am a bit curious as to what the goals of all that time and energy spent were. So as you move forward in life, do you keep that up with the same rigor?
Anyways, I am positive you will continue to post and keep up with the Joneses. I have a feeling the peace that tg will slowly envelope you if you let it. With the cash you still have as rates move up think of it as opportunity instead of regretting what you have already acquired.
February 13, 2011 at 11:12 AM in reply to: Short Sale Realtor in collusion with buyer, is it legal. #666449ParticipantFind out who her broker is and go directly to the broker. Submit your offer as well and make sure it is filled out correctly with all necessary addendums. The more documentation you have the better off you will be. Document all that has happened and get it to the listing agents broker. You can also let the broker know you will be filing a complaint with the dre as well.
You will not be able to talk to the lender at all. Privacy laws prohibit that. The lender will ONLY talk to the seller OR a third party authorized agent who the seller gave express written consent to the lender to talk to.
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