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urbanrealtor
Participant[quote=sdrealtor]Urbanrealtor,
The agent has both sides. I know this because it is my business to know these things in this area. It is very easy for an agent to underprice and bring a low offer to the bank of his/her own. Even if the bank turns it down, they stand a good chance of getting a rock bottom price to give to their buyer.[/quote]
Yeah. I have not experienced that at all.
However, your area may function a touch differently.I have found that the bank does not differentiate whether or not the thing is double-ended.
How does the underpricing get a better number for their buyer if the lender turns it down?
(not to say it can’t but I don’t see the connection)
Perhaps you are implying that it lowers the expectations on the part of the lender?Also, aren’t the approvals generally governed by BPO’s?
(that’s what I am seeing)ParticipantComparing Reo’s to Shorts is comparing apples to bowling balls.
Also, the highest and best routine is now the rule for asset managers and reo agents.
Most asset managers have no interest in counters and are first interested in a speedy resolution and secondarily in maximizing value.
My least favorite reo agent explicitly states that they accept no phone calls and will not counter offer.
They also have the nickname “the slasher” for their low prices. Its pretty common to do business this way right now.
ParticipantComparing Reo’s to Shorts is comparing apples to bowling balls.
Also, the highest and best routine is now the rule for asset managers and reo agents.
Most asset managers have no interest in counters and are first interested in a speedy resolution and secondarily in maximizing value.
My least favorite reo agent explicitly states that they accept no phone calls and will not counter offer.
They also have the nickname “the slasher” for their low prices. Its pretty common to do business this way right now.
ParticipantComparing Reo’s to Shorts is comparing apples to bowling balls.
Also, the highest and best routine is now the rule for asset managers and reo agents.
Most asset managers have no interest in counters and are first interested in a speedy resolution and secondarily in maximizing value.
My least favorite reo agent explicitly states that they accept no phone calls and will not counter offer.
They also have the nickname “the slasher” for their low prices. Its pretty common to do business this way right now.
ParticipantComparing Reo’s to Shorts is comparing apples to bowling balls.
Also, the highest and best routine is now the rule for asset managers and reo agents.
Most asset managers have no interest in counters and are first interested in a speedy resolution and secondarily in maximizing value.
My least favorite reo agent explicitly states that they accept no phone calls and will not counter offer.
They also have the nickname “the slasher” for their low prices. Its pretty common to do business this way right now.
ParticipantComparing Reo’s to Shorts is comparing apples to bowling balls.
Also, the highest and best routine is now the rule for asset managers and reo agents.
Most asset managers have no interest in counters and are first interested in a speedy resolution and secondarily in maximizing value.
My least favorite reo agent explicitly states that they accept no phone calls and will not counter offer.
They also have the nickname “the slasher” for their low prices. Its pretty common to do business this way right now.
Participant[quote=sfexporter][quote=sdrealtor]niy,
that one is a very underpriced short sale lisitng. the agent put it under contract with his own buyer and appears to be trying to slip it past the lender. Shall we say this is of questionable ethiics?[/quote]sdrealtor,
Are you saying the listing broker does not have to show your offer to the bank even if your solid offer with little or no contingents is 50K more the one he or she submitted? Do you see this often during short sale or normal RE transactions? If yes, what are the disciplinary fines/penalties for the listing brokers?
If this type of shitty or unethical tactics do happen, I hope the fed would intervene to clean it up. [/quote]
Maybe I am misreading this but it does not sound like its unethical dealing.
1: I am not clear that the offer the LA is working is his own buyer. Perhaps you have inside knowledge?
2: It is standard to price shorts super low to attract offers and then leave them active until written lender approval. This is permitted per the MLS. The mandatory remarks (which are not visible in public mls portals ) indicate that he is working an offer with tentative seller acceptance.
3: As an agent who lists short sales, I consider it unlikely to point of implausibility that any deal gets “slipped by” the bank.
So SD, I don’t see the ethical lapse here. I am not saying it does not exist but could you show me what you are seeing?
Sfexport: If a property is a shortsale, the listing price is almost irrelevant. Being 50k over or 50k under does not mean a deal. The bank has to approve everything and the seller does not care because he is getting nothing either way.
Putting that differently, the incentive structure is completely fucked.
Also, regardless if a deal is already working, and regardless of what the listing status is, the agent has to make the seller aware of it but the seller (usually based on the listing agent’s advice) will decide which offers go to the lender.
Finally, nobody with any brains makes an offer with no contingencies. The notable exception being trustee auctions, and we see the lack of information and safety clauses reflected in the prices there (often 20-30% below market).Participant[quote=sfexporter][quote=sdrealtor]niy,
that one is a very underpriced short sale lisitng. the agent put it under contract with his own buyer and appears to be trying to slip it past the lender. Shall we say this is of questionable ethiics?[/quote]sdrealtor,
Are you saying the listing broker does not have to show your offer to the bank even if your solid offer with little or no contingents is 50K more the one he or she submitted? Do you see this often during short sale or normal RE transactions? If yes, what are the disciplinary fines/penalties for the listing brokers?
If this type of shitty or unethical tactics do happen, I hope the fed would intervene to clean it up. [/quote]
Maybe I am misreading this but it does not sound like its unethical dealing.
1: I am not clear that the offer the LA is working is his own buyer. Perhaps you have inside knowledge?
2: It is standard to price shorts super low to attract offers and then leave them active until written lender approval. This is permitted per the MLS. The mandatory remarks (which are not visible in public mls portals ) indicate that he is working an offer with tentative seller acceptance.
3: As an agent who lists short sales, I consider it unlikely to point of implausibility that any deal gets “slipped by” the bank.
So SD, I don’t see the ethical lapse here. I am not saying it does not exist but could you show me what you are seeing?
Sfexport: If a property is a shortsale, the listing price is almost irrelevant. Being 50k over or 50k under does not mean a deal. The bank has to approve everything and the seller does not care because he is getting nothing either way.
Putting that differently, the incentive structure is completely fucked.
Also, regardless if a deal is already working, and regardless of what the listing status is, the agent has to make the seller aware of it but the seller (usually based on the listing agent’s advice) will decide which offers go to the lender.
Finally, nobody with any brains makes an offer with no contingencies. The notable exception being trustee auctions, and we see the lack of information and safety clauses reflected in the prices there (often 20-30% below market).Participant[quote=sfexporter][quote=sdrealtor]niy,
that one is a very underpriced short sale lisitng. the agent put it under contract with his own buyer and appears to be trying to slip it past the lender. Shall we say this is of questionable ethiics?[/quote]sdrealtor,
Are you saying the listing broker does not have to show your offer to the bank even if your solid offer with little or no contingents is 50K more the one he or she submitted? Do you see this often during short sale or normal RE transactions? If yes, what are the disciplinary fines/penalties for the listing brokers?
If this type of shitty or unethical tactics do happen, I hope the fed would intervene to clean it up. [/quote]
Maybe I am misreading this but it does not sound like its unethical dealing.
1: I am not clear that the offer the LA is working is his own buyer. Perhaps you have inside knowledge?
2: It is standard to price shorts super low to attract offers and then leave them active until written lender approval. This is permitted per the MLS. The mandatory remarks (which are not visible in public mls portals ) indicate that he is working an offer with tentative seller acceptance.
3: As an agent who lists short sales, I consider it unlikely to point of implausibility that any deal gets “slipped by” the bank.
So SD, I don’t see the ethical lapse here. I am not saying it does not exist but could you show me what you are seeing?
Sfexport: If a property is a shortsale, the listing price is almost irrelevant. Being 50k over or 50k under does not mean a deal. The bank has to approve everything and the seller does not care because he is getting nothing either way.
Putting that differently, the incentive structure is completely fucked.
Also, regardless if a deal is already working, and regardless of what the listing status is, the agent has to make the seller aware of it but the seller (usually based on the listing agent’s advice) will decide which offers go to the lender.
Finally, nobody with any brains makes an offer with no contingencies. The notable exception being trustee auctions, and we see the lack of information and safety clauses reflected in the prices there (often 20-30% below market).Participant[quote=sfexporter][quote=sdrealtor]niy,
that one is a very underpriced short sale lisitng. the agent put it under contract with his own buyer and appears to be trying to slip it past the lender. Shall we say this is of questionable ethiics?[/quote]sdrealtor,
Are you saying the listing broker does not have to show your offer to the bank even if your solid offer with little or no contingents is 50K more the one he or she submitted? Do you see this often during short sale or normal RE transactions? If yes, what are the disciplinary fines/penalties for the listing brokers?
If this type of shitty or unethical tactics do happen, I hope the fed would intervene to clean it up. [/quote]
Maybe I am misreading this but it does not sound like its unethical dealing.
1: I am not clear that the offer the LA is working is his own buyer. Perhaps you have inside knowledge?
2: It is standard to price shorts super low to attract offers and then leave them active until written lender approval. This is permitted per the MLS. The mandatory remarks (which are not visible in public mls portals ) indicate that he is working an offer with tentative seller acceptance.
3: As an agent who lists short sales, I consider it unlikely to point of implausibility that any deal gets “slipped by” the bank.
So SD, I don’t see the ethical lapse here. I am not saying it does not exist but could you show me what you are seeing?
Sfexport: If a property is a shortsale, the listing price is almost irrelevant. Being 50k over or 50k under does not mean a deal. The bank has to approve everything and the seller does not care because he is getting nothing either way.
Putting that differently, the incentive structure is completely fucked.
Also, regardless if a deal is already working, and regardless of what the listing status is, the agent has to make the seller aware of it but the seller (usually based on the listing agent’s advice) will decide which offers go to the lender.
Finally, nobody with any brains makes an offer with no contingencies. The notable exception being trustee auctions, and we see the lack of information and safety clauses reflected in the prices there (often 20-30% below market).Participant[quote=sfexporter][quote=sdrealtor]niy,
that one is a very underpriced short sale lisitng. the agent put it under contract with his own buyer and appears to be trying to slip it past the lender. Shall we say this is of questionable ethiics?[/quote]sdrealtor,
Are you saying the listing broker does not have to show your offer to the bank even if your solid offer with little or no contingents is 50K more the one he or she submitted? Do you see this often during short sale or normal RE transactions? If yes, what are the disciplinary fines/penalties for the listing brokers?
If this type of shitty or unethical tactics do happen, I hope the fed would intervene to clean it up. [/quote]
Maybe I am misreading this but it does not sound like its unethical dealing.
1: I am not clear that the offer the LA is working is his own buyer. Perhaps you have inside knowledge?
2: It is standard to price shorts super low to attract offers and then leave them active until written lender approval. This is permitted per the MLS. The mandatory remarks (which are not visible in public mls portals ) indicate that he is working an offer with tentative seller acceptance.
3: As an agent who lists short sales, I consider it unlikely to point of implausibility that any deal gets “slipped by” the bank.
So SD, I don’t see the ethical lapse here. I am not saying it does not exist but could you show me what you are seeing?
Sfexport: If a property is a shortsale, the listing price is almost irrelevant. Being 50k over or 50k under does not mean a deal. The bank has to approve everything and the seller does not care because he is getting nothing either way.
Putting that differently, the incentive structure is completely fucked.
Also, regardless if a deal is already working, and regardless of what the listing status is, the agent has to make the seller aware of it but the seller (usually based on the listing agent’s advice) will decide which offers go to the lender.
Finally, nobody with any brains makes an offer with no contingencies. The notable exception being trustee auctions, and we see the lack of information and safety clauses reflected in the prices there (often 20-30% below market).ParticipantProps.
Short sale, REO, or traditional sale?ParticipantProps.
Short sale, REO, or traditional sale?ParticipantProps.
Short sale, REO, or traditional sale? -
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