I am always amazed at some of the MLS verbage that I see..... here is the latest.

 Any acceptable Contract must contain the term that Seller may cancel this Contract at any such time that he is asked to sign a Promissory Note, is presented with a 1099 or Deficiency Judgement

 

So let me get this right, the seller may cancel if:

  • They are asked to sign a promissory note
  • They are presented with a 1099
  • They are subject to a deficiency judgement

Would you advise your buyer to pursue this short sale? 

Oh and one other thing, it says that the price is BANK APPROVED?

 

Anyone else see any redflags?

 

The other thing that I am seeing more of is "This is a (insert your short sale designation) short sale which will speed up approval times"

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THis is the BEST stream..ha-ha!  I see this stuff too and figure I'd better run AWAY from this listing because the List Agent is a nincompoop (love that word), and the Sellers are not going to be happy campers at the end of the deal.  Why bother except for a good laugh at the descriptions.  I have found that the "BANK APPROVED" is b.s. because unless it was an old Wachovia when they truly WERE, it's probably not and you have to go through the same stuff as if there were no approval.  Crazy funny though..thanks!

I have the CDPE designation and an Attorney at the board also said that using the word Expert makes you vulnerable, it takes a lot to become a true expert and in reality no one is ever done learning, and because we are in a dynamic and evolving market/economy you truly have to keep up by networking, reading, etc..  So when I use it I like to just use CDPE without spelling it out.  Don't know if this is like sticking my head in the sand though.  ;)

 



Thom Colby Newport Beach CA said:

It's always interesting to see the creativity in the MLS "agent remarks".  My interpretation of your original example is - the listing agent is trying to double-end and wil make exceptions to the rules set forth when (s)he gets an offer from one of their own buyers.  As others have said (and we all know) a 1099 is not issued until after the transaction has closed the the new year has begun.  There's no way any buyer should get involved with this transaction.

 

On the CDPE issue,,, I've heard the "designation" may have to be changed and the "E" dropped.  It will be interesting to see what happens.  Some Brokerages here in SoCal are directing their agents NOT to use the CDPE designation in their marketing materials or any advertising until it gets resolved.

 

 

I think that it is very misleading, at least in my area, the CDPE members to call themselves experts, at least the CDPE that I have dealt with.  I think that the "E" needs to go away too. taking a course does not make anyone an expert

Nedy Blanchard said:

I have the CDPE designation and an Attorney at the board also said that using the word Expert makes you vulnerable, it takes a lot to become a true expert and in reality no one is ever done learning, and because we are in a dynamic and evolving market/economy you truly have to keep up by networking, reading, etc..  So when I use it I like to just use CDPE without spelling it out.  Don't know if this is like sticking my head in the sand though.  ;)

 



Thom Colby Newport Beach CA said:

It's always interesting to see the creativity in the MLS "agent remarks".  My interpretation of your original example is - the listing agent is trying to double-end and wil make exceptions to the rules set forth when (s)he gets an offer from one of their own buyers.  As others have said (and we all know) a 1099 is not issued until after the transaction has closed the the new year has begun.  There's no way any buyer should get involved with this transaction.

 

On the CDPE issue,,, I've heard the "designation" may have to be changed and the "E" dropped.  It will be interesting to see what happens.  Some Brokerages here in SoCal are directing their agents NOT to use the CDPE designation in their marketing materials or any advertising until it gets resolved.

 

 

No word of a lie, I had a CDPE make an offer on a property we had listed and threaten to take his offer "directly to the lender" because the seller accepted a different offer.  I said "go ahead" - take your offer to the lender.  Good luck getting authorization to speak to them.  The guy backed right off.

 

From that day forward I'm very leery of "Expert" "Specialist" and even "Professional" sometimes

In reality if you get picky about it, how about someone fresh out of college?  Or some new MBA (MASTERS!!)....That would appear to be misleading too.  When you are done with all the theory you learn in school leading you to a degree its time to find a real job and gain experience.   Will you not put your kids through school/college then? How is that different from getting a CDPE or SS Genius or CDRS designation regarding the validity of what you learned?

Jeff Payne said:
I think that it is very misleading, at least in my area, the CDPE members to call themselves experts, at least the CDPE that I have dealt with.  I think that the "E" needs to go away too. taking a course does not make anyone an expert

Nedy Blanchard said:

I have the CDPE designation and an Attorney at the board also said that using the word Expert makes you vulnerable, it takes a lot to become a true expert and in reality no one is ever done learning, and because we are in a dynamic and evolving market/economy you truly have to keep up by networking, reading, etc..  So when I use it I like to just use CDPE without spelling it out.  Don't know if this is like sticking my head in the sand though.  ;)

 



Thom Colby Newport Beach CA said:

It's always interesting to see the creativity in the MLS "agent remarks".  My interpretation of your original example is - the listing agent is trying to double-end and wil make exceptions to the rules set forth when (s)he gets an offer from one of their own buyers.  As others have said (and we all know) a 1099 is not issued until after the transaction has closed the the new year has begun.  There's no way any buyer should get involved with this transaction.

 

On the CDPE issue,,, I've heard the "designation" may have to be changed and the "E" dropped.  It will be interesting to see what happens.  Some Brokerages here in SoCal are directing their agents NOT to use the CDPE designation in their marketing materials or any advertising until it gets resolved.

 

 

It is a huge difference, lets see, to get an MBA, you first must study undergraduate studies and then apply for grad school and then get your MBA.

Are you saying that is as tough to get an CDPE as an MBA?  So an MBA gets out of business school and gets hired by a corporation to work for them and a CDPE takes a few day course and tells a seller who is in financial distress that they can save them from foreclosure because they are an expert?
For the record I think that education and taking the CDPE and Short sale Genius, etc are great.  I just think that giving someone an expert designation without any experience and training them to use that designation for marketing is very misleading to the public.
Nedy Blanchard said:

In reality if you get picky about it, how about someone fresh out of college?  Or some new MBA (MASTERS!!)....That would appear to be misleading too.  When you are done with all the theory you learn in school leading you to a degree its time to find a real job and gain experience.   Will you not put your kids through school/college then? How is that different from getting a CDPE or SS Genius or CDRS designation regarding the validity of what you learned?

Jeff Payne said:
I think that it is very misleading, at least in my area, the CDPE members to call themselves experts, at least the CDPE that I have dealt with.  I think that the "E" needs to go away too. taking a course does not make anyone an expert

Nedy Blanchard said:

I have the CDPE designation and an Attorney at the board also said that using the word Expert makes you vulnerable, it takes a lot to become a true expert and in reality no one is ever done learning, and because we are in a dynamic and evolving market/economy you truly have to keep up by networking, reading, etc..  So when I use it I like to just use CDPE without spelling it out.  Don't know if this is like sticking my head in the sand though.  ;)

 



Thom Colby Newport Beach CA said:

It's always interesting to see the creativity in the MLS "agent remarks".  My interpretation of your original example is - the listing agent is trying to double-end and wil make exceptions to the rules set forth when (s)he gets an offer from one of their own buyers.  As others have said (and we all know) a 1099 is not issued until after the transaction has closed the the new year has begun.  There's no way any buyer should get involved with this transaction.

 

On the CDPE issue,,, I've heard the "designation" may have to be changed and the "E" dropped.  It will be interesting to see what happens.  Some Brokerages here in SoCal are directing their agents NOT to use the CDPE designation in their marketing materials or any advertising until it gets resolved.

 

 

Smitty, what you experienced is all too common with the CDPE in my area.  I recently had a CDPE send me an offer that was less than 1/2 of fair market value, there were a TON of comparables and none had sold for less than what we were on the market for.  She said that I had to submit it to the lender, argued with me about it and said that the banks take 1/2 of the value all of the time.  Of course a day later I put it under contract at FULL PRICE and BofA approved that price and the seller is happy.

Smitty said:

No word of a lie, I had a CDPE make an offer on a property we had listed and threaten to take his offer "directly to the lender" because the seller accepted a different offer.  I said "go ahead" - take your offer to the lender.  Good luck getting authorization to speak to them.  The guy backed right off.

 

From that day forward I'm very leery of "Expert" "Specialist" and even "Professional" sometimes

If you have an MBA it's likely you did an internship and got "real world" experience in your studied field.  Also studing the same subject for 6 years as opposed to a weekend course is vastly different.

You always have a better way of saying things than I do  :)

Smitty said:

If you have an MBA it's likely you did an internship and got "real world" experience in your studied field.  Also studing the same subject for 6 years as opposed to a weekend course is vastly different.

Nah....you say it perfectly. 

 

I do tend to get ornery though when agents do stupid things, but honestly, it happens every day.  I like to think I'm on the liberal side of short sales too but ....LOL 50% huh?  That's crazy.  If I can comp it, even on the low end I'll submit it. 

Me too, if I can really justify it with comps, then I think it is good to go.  Always better to get as much as you can just to be safe though.

I am just in one of those moods today, thought I would start something to talk about :)

Smitty said:

Nah....you say it perfectly. 

 

I do tend to get ornery though when agents do stupid things, but honestly, it happens every day.  I like to think I'm on the liberal side of short sales too but ....LOL 50% huh?  That's crazy.  If I can comp it, even on the low end I'll submit it. 

Hey Smitty, I have been thinking of taking the Richard Petty driving school, will that make me a NASCAR driver? :)

Smitty said:

Nah....you say it perfectly. 

 

I do tend to get ornery though when agents do stupid things, but honestly, it happens every day.  I like to think I'm on the liberal side of short sales too but ....LOL 50% huh?  That's crazy.  If I can comp it, even on the low end I'll submit it. 

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