MLS verbage????

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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Permalink Reply by Jeff Payne on July 15, 2011 at 9:25am

Just saw this one.....

Agent has a (Certified Distressed Property Expert certification) CDPE and can expedite short sale approval

Permalink Reply by Smitty on July 15, 2011 at 9:39am

ick...I still think that borders or violating MARS regulations.

 

NASCAR...hysterical. 

 

I'm quietly waiting for the CDPE's on the site to pounce on us. 

Permalink Reply by Jeff Payne on July 15, 2011 at 9:45am

I am not sure, but I did stay at a Holiday Inn Express once .  Nothing against CDPE, I applaud them for getting the education.  I just think they need to be careful to not be misleading.  Maybe we should be required to post how many short sales that we have successfully completed.

Maybe like this
JEFF PAYNE  Acredited Short Sale Specialist  (ASSS) 1 successful short sale transaction in 5 years :)

Smitty said:

ick...I still think that borders or violating MARS regulations.

 

NASCAR...hysterical. 

 

I'm quietly waiting for the CDPE's on the site to pounce on us. 

Permalink Reply by Beverly Cibulsky on July 15, 2011 at 9:58am

Members of Short Sale Superstars (SSS? or SSSS? Which?) I have found to be very professional and helping! I mentioned in a previous post it is all about "networking" and Short Sale Superstars, provides just such! An informative forum based on real life experience with agent's giving back to thier profession! I like the fact that the general public also gets involved and has gotten good direction from the site! We are helping other agents Seller/buyers for free!

 

Just a note: I have the CDP(E) Designation. I bought the knowledge and resources not the the letters. I am still a firm believer in NAR Designations! (while I was not too Impressed with my SFR course, ( I did learn some tips!) Both designations underlying goal is to keep people in the home or offer a solution better than foreclosure! I believe they were really meant to keep the "unprofessional crooks out there" from taking advantage of people who are really in a desperate situation!  "Pay us $2,500 and we will fix everything if we dont dissappear first!"  "Sign you property over to us and we will perform Miracles" Yes I have spoken to people that this has all happen to! (ok I am ranting!) Part of our real estate career now, involves helping people in more difficult times. (heck there were lousy agents in a typical markets! what has

changed)

 

The Brokerage (at least mine has) specific info that must go in MLS regarding short sales and monitors compliance! The easiest is Short Sale! Addendum required, please include with offer! At least the Florida Short Sale addendum includes all of the above!  "CDPE approved short sale? Wow that is so.... (well I thought lenders had to approve them, I must have missed something) We cant and shouldnt monitor things that the "Broker" shoulc be.!

To End, let us SSS or SSSS professionals, take care not to "trash" others! Actually, this may be construed as a vioaltion of the Code of Ethics Article 15.

Can we get spell check on this thing?

 

Permalink Reply by Jeff Payne on July 15, 2011 at 10:03am

I am certainly not trashing anyone.  I actually have said many times that I applaud anyone who got their CDPE, I just think that designation is very misleading.  Do you think that it would be misleading to sit down in front of a seller and tell them that you are an "expert" if you actually have never worked a short sale or a regular sale for that matter?  It is happening in my area. I usually find out when I get the listing after it has already expired with the "expert".
At what point does one become an expert?  100 short sales?  10 short sales? 0 short sales?


Beverly Cibulsky said:

Members of Short Sale Superstars (SSS? or SSSS? Which?) I have found to be very professional and helping! I mentioned in a previous post it is all about "networking" and Short Sale Superstars, provides just such! An informative forum based on real life experience with agent's giving back to thier profession! I like the fact that the general public also gets involved and has gotten good direction from the site! We are helping other agents Seller/buyers for free!

 

Just a note: I have the CDP(E) Designation. I bought the knowledge and resources not the the letters. I am still a firm believer in NAR Designations! (while I was not too Impressed with my SFR course, ( I did learn some tips!) Both designations underlying goal is to keep people in the home or offer a solution better than foreclosure! I believe they were really meant to keep the "unprofessional crooks out there" from taking advantage of people who are really in a desperate situation!  "Pay us $2,500 and we will fix everything if we dont dissappear first!"  "Sign you property over to us and we will perform Miracles" Yes I have spoken to people that this has all happen to! (ok I am ranting!) Part of our real estate career now, involves helping people in more difficult times. (heck there were lousy agents in a typical markets! what has

changed)

 

The Brokerage (at least mine has) specific info that must go in MLS regarding short sales and monitors compliance! The easiest is Short Sale! Addendum required, please include with offer! At least the Florida Short Sale addendum includes all of the above!  "CDPE approved short sale? Wow that is so.... (well I thought lenders had to approve them, I must have missed something) We cant and shouldnt monitor things that the "Broker" shoulc be.!

To End, let us SSS or SSSS professionals, take care not to "trash" others! Actually, this may be construed as a vioaltion of the Code of Ethics Article 15.

Can we get spell check on this thing?

 

Permalink Reply by Jeff Payne on July 15, 2011 at 10:04am
Harry, you may be on to something, I LIKE IT!

Harry Clay said:

I don't go by CDPE as in "Expert"...I'm a CDPE as in Entrepreneur!

lol

 

Jeff Payne said:

I think that the "E" needs to go away too. taking a course does not make anyone an expert

Smitty said:

I'm quietly waiting for the CDPE's on the site to pounce on us. 

Permalink Reply by Neddie B. on July 15, 2011 at 1:44pm
Jeff, no, that's not what I'm saying. I was making a point.
Are you saying that is as tough to get an CDPE as an MBA? 

 


Permalink Reply by Shanna McManus on July 15, 2011 at 2:05pm

One of my buyers wanted to see a listing today and I just had to post the comments from the actual listing (did not show this one lol ).......

 

"short sale, clean ,SELLER WANTS TO STAY,Granite counters , tile flooring , absolutely beautiful backyard, Upgrades galore . AGIAN SELLER WANTS TO STAY!Make offer accordingly. BOM pending cancellation of escrow. Buyer lost job. Shortsale approved . SALE LOOMING"

 

 

Permalink Reply by Smitty on July 15, 2011 at 2:47pm

I like Harry's designation

 

Shanna, that description is sooo disturbing.  Why would an agent even TAKE a listing from a seller basically stating they don't WANT to sell?  I realize seller's go through all sorts of emotions, and one is denial, but you can't take a listing from someone who is realistically stating that they don't want to leave.

Permalink Reply by Shanna McManus on July 15, 2011 at 3:13pm

Smitty,

It is no wonder that it has been listed almost a year! I have only done about 25 short sales, but every one of them had an arms length addendum (I wonder if this is the printout that was sent with the package)........ once I told my buyer they decided to move on and not look at it. :)

Permalink Reply by Bryant Tutas on July 17, 2011 at 12:31am
This is going out in the newsletter today
Permalink Reply by Eric Mieles on July 17, 2011 at 2:02am
lol My fav!!

Jeff Payne said:

I can go on all day with this :)  Doing some market research today and have found some good ones.

SHORT SALE!!!! The Bank is ready for an offer. 

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