Shortsale then Flip , is this allowed ?

 

 I just took a property off the market after receiving an offer , the offer is a low ball but what the heck , I felt at least it will get the ball rolling to submit package to bank since they did not want anything without an offer.

One week later I get a call from another agent that has a buyer that will pay 25K over what we get the home for and wants to get it in writting.

Can this be done ? , do I have an obligation to contact bank and let them know their is another interested party ?

neither offer would be enough to make the bank whole , so the seller could care less , the seller has filed BK and included the note , the BK  has been discharged .

I would want to relist the home the same day of closing and re sell it to the new buyer

I feel the bank has had ample to time to do its due deligence and determine the price of this home and if they accept an offer it does not matter if someone comes the next day or the next year and offer more

What do you think ?

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Permalink Reply by Alicia Galante on September 5, 2011 at 6:09pm
Why would you accept such a low ball offer anyway?  If your seller had to pay tax on the shortfall or was facing a deficiency judgement for the short fall amount he would damm well be concerned to get the highest and best.  These are the "deals" we tax payers are paying for all of this, are you that desparate for a commission and a double dip at that?  Again, this is like the inconsistencies that occured in 2005 that got us into this mess because anything went and no one was morally responsible, including the agents.  Just submitthe highest offer to the bank and let them chose.  Do you think it will comp out atthe $60,000???  If not, then why accept it.   
Permalink Reply by P Nicolas Velecico on February 23, 2012 at 1:55pm

what part of SELER FILED BK did you not understand ?

Permalink Reply by Carol Pease on September 3, 2011 at 3:15pm
Why would you open yourself up to all kinds of liability by attempting a dual agency short sale? You get an offer so you take the property off the market?  It's your offer, so why not?  Gee, how can this possibly be in your seller's best interest?  Have you even read the HAFA guidelines on flips?  Do you understand the term "fiduciary responsibilty."  If I were you, I would sign up for short sale class instead of trolling here for answers,  This is the kind of behavior that gives the rest of us a bad name.  It is just all kinds of wrong!!!
Permalink Reply by Alicia Galante on September 5, 2011 at 6:10pm
I agree with you 100%  RIGHT ON!
Permalink Reply by Bryant Tutas on September 4, 2011 at 1:14am
going in the newsletter today
Permalink Reply by Samantha James-Tharp, PA on September 4, 2011 at 2:22am

I personally don't think you have done anything wrong it is now up to the bank to do their due diligence if they accept the offer it is their choice.  They have the opportunity to counter they do it everyday. 

 

Your seller has signed an offer you can take the second offer as a back up if the first does not get accepted or is countered and the buyer walks. 

 

If the bank does accept the first offer we all assume they have done what is necessary to price this home and the investor has made an informed decision.  As you know they do not hire the list agent to do the price opinion.

 

If there are no comps to support the low offer even with the code violation issues then they will counter.  I am sure you have informed the bank of the code violations they will take that as well into consideration with the offer.

 

The beauty of it is the code violations banks know that their buying pool has been reduced and will not want to bother with the hassle of clearing up those issues.

 

You have done nothing wrong.

Permalink Reply by Tara Nagelhout on September 6, 2011 at 2:26am
How can the bank do their due diligence if an imperative piece of information is being withheld from them?
Permalink Reply by The Negotiator on September 6, 2011 at 3:35am

Tara,

Since you are obviously representing the lender, I think it would be wise to disclose that to your clients. Also, put in your listing that your fiduciary duties are to the bank no them.

Since you are so adamant about disclosure, I'm sure you already do all that, right?

Permalink Reply by Tara Nagelhout on September 6, 2011 at 3:42am
I am thinking of two words....since you are SO all knowing.....I bet you can guess what they are...
Permalink Reply by The Negotiator on September 6, 2011 at 3:44am

I love those 2 words .. "TRUTH HURTS!"  :-D

Tara, would you like to come to SW Florida? I will buy you a cup of decaff...

Permalink Reply by Tara Nagelhout on September 6, 2011 at 3:45am
You got that one wrong......I would love to come to SW Florida.  I was just actually visiting your miserably humid state a couple months ago.  Hit Crystal River, Paradise City (I think I got that right).  It was so hot and miserably humid...I will actually hope to be back there in December or January.  I, as you can tell, don't do decaf.  But you can buy me booze.
Permalink Reply by The Negotiator on September 6, 2011 at 3:51am
I would be delighted. I'm a rum & coke kinda guy. I live in Sarasota, aka, the smog city where you sweat just thinking about going outside.

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