FBI Focusing on Real Estate Brokers- Submit ALL offers - Short Sale Superstars2024-03-29T12:24:49Zhttp://shortsalesuperstars.com/forum/topics/fbi-focusing-on-real-estate?feed=yes&xn_auth=noI agree with many of the othe…tag:shortsalesuperstars.com,2012-08-29:3468065:Comment:2622142012-08-29T05:57:00.353ZTim Weselyhttp://shortsalesuperstars.com/profile/TimWesely
<p>I agree with many of the other agents. The seller is NOT the lender. The lender plays only a role as to if they will agree to forgive the seller the debt that can not be paid back. They do not have a role in what offer is to be accepted.</p>
<p>I agree with many of the other agents. The seller is NOT the lender. The lender plays only a role as to if they will agree to forgive the seller the debt that can not be paid back. They do not have a role in what offer is to be accepted.</p> I question if that board even…tag:shortsalesuperstars.com,2012-08-27:3468065:Comment:2619252012-08-27T08:09:08.334ZTOP END Propertieshttp://shortsalesuperstars.com/profile/topendproperties
<p>I question if that board even has their story straight. This whole 'all offers' thing stemmed from a few agent/investors who would list a property and after receiving an offer, submit their own lower offer to the bank. When the bank approved their lower offer, they would flip the property to the buyer who was willing to pay more... walking away with $10-100k.</p>
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<p>I have heard straight from JP Morgan Chases mouth at a Short Sale Seminar that the seller should only accept 1 offer…</p>
<p>I question if that board even has their story straight. This whole 'all offers' thing stemmed from a few agent/investors who would list a property and after receiving an offer, submit their own lower offer to the bank. When the bank approved their lower offer, they would flip the property to the buyer who was willing to pay more... walking away with $10-100k.</p>
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<p>I have heard straight from JP Morgan Chases mouth at a Short Sale Seminar that the seller should only accept 1 offer and you should only submit ONE offer .. even if a higher offer comes in after the original offer is accepted. After all .. that is what a contract is for .. an agreement to sell.</p> Well said and I agree, thats…tag:shortsalesuperstars.com,2012-08-26:3468065:Comment:2617872012-08-26T18:14:42.730ZWendy Smithhttp://shortsalesuperstars.com/profile/WendySmith
<p>Well said and I agree, thats the same way I do business.</p>
<p>Well said and I agree, thats the same way I do business.</p> I will never submit all offer…tag:shortsalesuperstars.com,2012-08-26:3468065:Comment:2617862012-08-26T17:21:26.966ZMaria Evanshttp://shortsalesuperstars.com/profile/MariaEvans
<p>I will never submit all offers for a very simple reason. You have many buyers and will end up with none. My job is to close on every short sale. That being said, the FBI is looking for fraud. It is NOT the FBI job to tell me how to do my business. Because I will never commit a fraud, I am not worried, anybody can come and check my files.</p>
<p>In case I have multiple offers I will ask buyers agents to submit their clients highet and best form. I can not hold several buyers for months. One…</p>
<p>I will never submit all offers for a very simple reason. You have many buyers and will end up with none. My job is to close on every short sale. That being said, the FBI is looking for fraud. It is NOT the FBI job to tell me how to do my business. Because I will never commit a fraud, I am not worried, anybody can come and check my files.</p>
<p>In case I have multiple offers I will ask buyers agents to submit their clients highet and best form. I can not hold several buyers for months. One of the reasons real estate market has been difficult the last years, is exactly because realtors are not choosing the best offer and keeping houses on the market even if they have several offers.</p>
<p>Once I have an offer that I believe the bank will approve I will mark the property as deposited. Will ask buyer to do inspections - yes, before bank approval if they want to buy my short sales - and also require them to sign contract, subject to bank approval, and put money down. I need a buyer who is commited to the property.</p>
<p>If after having a deposit another better offers shows up I will tell we are under agreement. Very simple, exactly the way we do with regular transactions, no need to panic!</p>
<p>Short sales are not deals for everybody. Those who don~t feel confortable dealing with short sales would make a better service to their clients by referring them to someone who knows what they are doing.</p> Good answer Ben... This is e…tag:shortsalesuperstars.com,2012-08-26:3468065:Comment:2616722012-08-26T15:44:17.920ZLucena Nicolashttp://shortsalesuperstars.com/profile/LucenaNicolas
<p>Good answer Ben... This is exactly how I do with my short sales. I present all offers to the seller, discuss the terms and pricing of all offers then have the seller accept one This offer then get submitted to the lender... All other offers are back up.. I find that the lenders can't even work on one offer in a timely manner giving them two?? OMG ... We will never be able to close any short sale...</p>
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<p>Good answer Ben... This is exactly how I do with my short sales. I present all offers to the seller, discuss the terms and pricing of all offers then have the seller accept one This offer then get submitted to the lender... All other offers are back up.. I find that the lenders can't even work on one offer in a timely manner giving them two?? OMG ... We will never be able to close any short sale...</p>
<p> </p> And I think they should. In m…tag:shortsalesuperstars.com,2012-05-21:3468065:Comment:2364122012-05-21T14:33:04.427ZMaria Evanshttp://shortsalesuperstars.com/profile/MariaEvans
<p>And I think they should. In my short sales I prefer not to have the buyer. I want the bank to feel confident we have the best offer and if I have the buyer they may think I am hiding other offers. My first commitment is to have the job done for the seller. </p>
<p>And I think they should. In my short sales I prefer not to have the buyer. I want the bank to feel confident we have the best offer and if I have the buyer they may think I am hiding other offers. My first commitment is to have the job done for the seller. </p> How many lienholders want to…tag:shortsalesuperstars.com,2011-09-20:3468065:Comment:1731282011-09-20T23:18:16.363ZTeresa Willardhttp://shortsalesuperstars.com/profile/TeresaWillard
How many lienholders want to look at more than one P&S contract anyhow? They can't handle what they have and most I've experienced don't know what to do with a second one. Our MLS forms have specific language to address this, which helps. How about if the FBI looks closer at the lien holders for being involved in a conspiracy to commit fraud against the homeowners in not responding in a timely manner to short sale offers where often the home ends up going to foreclosure needlessly?
How many lienholders want to look at more than one P&S contract anyhow? They can't handle what they have and most I've experienced don't know what to do with a second one. Our MLS forms have specific language to address this, which helps. How about if the FBI looks closer at the lien holders for being involved in a conspiracy to commit fraud against the homeowners in not responding in a timely manner to short sale offers where often the home ends up going to foreclosure needlessly? Ben, you are right....it all…tag:shortsalesuperstars.com,2011-09-20:3468065:Comment:1733022011-09-20T23:06:31.006ZAaron Ayotte, Short Sale Monkeyhttp://shortsalesuperstars.com/profile/AaronAyotte
<p>Ben, you are right....it all seems to come down to control on the lenders part. </p>
<p>After all, a seller can't sign multiple contracts with various buyers anyway, nor can they send the offers up unsigned because the lender won't review them. </p>
<p>Bottom line is, the seller chooses one, you work with them until they bail out or they can't meet what the lender will approve, and everyone else is a back-up. Keeps it clean.</p>
<p>Ben, you are right....it all seems to come down to control on the lenders part. </p>
<p>After all, a seller can't sign multiple contracts with various buyers anyway, nor can they send the offers up unsigned because the lender won't review them. </p>
<p>Bottom line is, the seller chooses one, you work with them until they bail out or they can't meet what the lender will approve, and everyone else is a back-up. Keeps it clean.</p> Doesn't the FBI have better t…tag:shortsalesuperstars.com,2011-09-13:3468065:Comment:1700132011-09-13T21:36:14.665ZCameron Novakhttp://shortsalesuperstars.com/profile/CameronNovak
<p>Doesn't the FBI have better things to do? I'm not a party to the executed purchase contract (of which there is only one).</p>
<p>Doesn't the FBI have better things to do? I'm not a party to the executed purchase contract (of which there is only one).</p> All you had at that point wer…tag:shortsalesuperstars.com,2011-09-13:3468065:Comment:1700002011-09-13T20:49:51.316ZJeff Paynehttp://shortsalesuperstars.com/profile/JeffPayne
<p>All you had at that point were offers, you did not have a contract so it really would not matter anyway. Countrywide was not the seller</p>
<p>All you had at that point were offers, you did not have a contract so it really would not matter anyway. Countrywide was not the seller</p>