Replies to This Discussion

Permalink Reply by Janet Nation on May 5, 2011 at 5:10am

Hi Nancy,

I don't know the answer to the first part of your question but i'm thinking it's not going to go down very well with the lender, almost a confict in interest; let's see what others say. 

 

Regarding the second part of your question, I believe you have every right to be notified of the current status of the short sale.  Whenever I was blindsided, and that has happened a couple of times, both transactions fell through, one went into foreclosure.    I don't know the agent but I don't believe he or she has done hundreds of short sales, and have been successful at them.  It's a cocky response and  there seems to be a lack of professionalism.  My personal opinion is that if you continue to meet resistance when asking for updates, I would not waste any more time waiting, and advise the buyers to seek an alternative home to purchase.  Good luck.

Permalink Reply by Jim Hale on May 5, 2011 at 6:08am

Just think how many "more hundreds" the agent would do if he took care to keep buyers on board.

 

I bet he will be more attentive now that BofA, the big player, will no longer allow double-ending.....he will have to become a lot more concerned about other people's clients.

Permalink Reply by Nancy Campbell on May 11, 2011 at 4:46am

THIS IS THE GENERIC ARMS LENGTH MOST LENDERS ARE USING ... does not state anything about the relationship between seller/buyer and agent. Just with the Mortgage or Mortgagee.

 

Hereby affirm that this is an “Arm’s Length Transaction”,

 

No party to this contract is a family member, business associate, or share a business interest with the mortgagee.  Further, there are no hidden terms or special understandings between the seller or buyer or their agents or Mortgagee.

 

The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at anytime after the execution of this short sale transaction.  None of the parties shall receive any proceeds from this transaction except the sales commission.

Permalink Reply by Ray Snook on May 12, 2011 at 12:26pm

I usually check out the agent to see how many short sale listings they have closed, it's an easy search in my MLS anyway. Just search for all listing transactions for agent x in past 12 months... then you will know if he is bluffing. I agree most good short sale listing agents keep their buyers agent and so buyer engaged by providing updates, not only is it common courtesy but essential to minimize a walk!