Anyone still getting contacted by "investors" looking to place option contracts on your short sales? Seems like 2007 and 2008 I was getting contacted constantly and 2009 a fair amount but in 2010, I have not been contacted at all. Maybe they don't contact me because I would never participate or maybe they finally realize that the banks are not selling properties to them for pennies on the dollar and letting them flip them to the end user for market value.
Any thoughts?
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How could someone NOT figure out that lowballs and short sales don't go together rather quickly? After being told a number of times it won't work, it would turn into the "What do you not understand about NO?" question. What IS happening is companies/individuals purchase the note for pennies on the dollar (they negotiate it), the owner transfers the deed, they either pay off or foreclose out on any seconds, then they will relist the flip with you. I had that happen on my own personal home in Utah (obviously a different Realtor involved.) One company I've been communicating with lately that does that is Walk Away Today. They might help instead of the listing foreclosing because of an impossible second, like PNC. I haven't used them yet, so I don't know if they are legit or not. But I know it can work and does happen.
Jeff,
I know a Realtor who was working with one of these investors. The investors had contracts on 5 different properties and the investors negotiator was unable to convert any of them over the past year. Just like you said, the banks were not going to give the house away to them so it was not profitable for them to do the flip.
This thread needs a little definition. There are a lot of fraudulent schemes out there and a lot of them are criminal in nature. The only transactions I have done involve an option contract where the buyer/investor also negotiates directly with the bank/investor. If that is successfully concluded, then the investor buys the property, and turns around and sells it - the closings are not simultaneous, but can be a few hours apart. I've had this extensively reviewed legally and it passes muster with full disclosure.
Are you folks talking about A-C transactions where the option is flipped to the end buyer? Those are pretty much illegal. Or variations on '"sign the deed over to your house and we'll solve all your problems" crapola?
As agents, it's your responsibility to act in your client's best interest. My opinion is that working with a legitimate investor can sometimes be the best route to get them out of a difficult situation. It is, of course, the agent's responsibility to make sure they are legitimate.
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