I am a buyer that found a house on realitor.com I did not have a realitor so i contacted the listing agent directly. we put in a offer at fair market value and got all the way to investor approval, yesterday the realitor informed me that the bank has denied the offer due to the seller of the house is her sister. the realitors broker said that he would put another realitor on the case, now the bank doesn't want to deal with the broker or the realitor at all. Does anyone have any suggestions how to fix this.
Appreciate any Help
Paul
Tags:
Paul, your realtor needs to push back and fast! The fact that your seller and agent are related is irrelevant, the current market value and your offer are what is most relevant here. Arms length transaction definition is getting terribly distorted lately and as long as your transaction with the seller is arms length then this sale should occur. I would guess that the negotiator on the file does not understand arms length and can only read between the guidelines and can not think outside of the box. Push this thing and escalate to the investor on this one.
Jeff is right...it probaby is someone that is new and doesn't understand arms length transactions...I had a similar deal with BOA recently where the Listing Agent and Buyer were related and we had the Arms Length and BOA denied the ss in Equator...we had to start over because the BOA rep. kept saying you can't do it...well you can, we have done it plenty of times b/4..they just don't pay the commission...so we assigned another listing agent and reinitiated the ss and it went through...
Bank of America has a standard Arms Length Affidavit. So if it was not disclosed in the beginning they would find out later.
They are constantly hiring and always seem to have a constant stream of inexperienced employees.
More and more they are also using Asset Management companies so who knows their experience or guidelines they are operating off of.
Paul, your realtor needs to push back and fast! The fact that your seller and agent are related is irrelevant, the current market value and your offer are what is most relevant here. Arms length transaction definition is getting terribly distorted lately and as long as your transaction with the seller is arms length then this sale should occur. I would guess that the negotiator on the file does not understand arms length and can only read between the guidelines and can not think outside of the box. Push this thing and escalate to the investor on this one.
I agree with you Scott - many times I've advised a buyer/agent that he will not be paid a commission if he is party to the contract. These negotiators look for same name, etc etc -
I thought we (Realtors) had to disclose to the parties (of the contract) our relationship, if any, to the other parties - isn't that still the law (FL)?
Some lenders are very firm with the ALT - Fifth Third turned down a cash offer on a vacant lot (assessed value) because the buyer was the girlfriend of the sellers adult son. Seriously? Vacant lots just aren't getting a lot of action in this area of FL but Fifth Third wouldn't back off their position. The lot remains unsold and of course, not yet foreclosed.
Christina Conrad said:
Jeff is right...it probaby is someone that is new and doesn't understand arms length transactions...I had a similar deal with BOA recently where the Listing Agent and Buyer were related and we had the Arms Length and BOA denied the ss in Equator...we had to start over because the BOA rep. kept saying you can't do it...well you can, we have done it plenty of times b/4..they just don't pay the commission...so we assigned another listing agent and reinitiated the ss and it went through...
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.