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  • Paola Martinsen October 3, 2011 at 4:33am
    its probably that they will come after the agent if there is fraud that the agent was ivolved in i don't think they could legally come after the agent for any deficiency because the note is between the seller and the investor or note holder.
  • Michael Campus ABR,SFR,SRS October 2, 2011 at 11:34pm

    Mary Lou, can you put on your post exactly what the letter says?

     

    Even if its a reference to 'arms length transaction', they (bank) would have to be able to prove it.

    How much would that cost? How long would it take? Was there a violation of an actual law or just a bank policy?

    Hmmm...I think banks are going to make alot more money with their new Debit card surcharges than attempting to pursue this nonsense.

  • Ray Snook October 2, 2011 at 5:49pm
    Seems Mary Lou has gone missing... or run away because of the approval letter.
  • MaryAnn Dempsey October 2, 2011 at 8:45am
    Never. How could they. Were never the borrower
  • Richard October 2, 2011 at 4:58am

    Guys,

     

    Maybe someone can educate me as I'm still gathering information and learning about the real estate profession.  I'm going to ask a dummy question, wouldn't this issue be covered under errors and omission coverage?  Or, is Mary referring to criminal acts?  Errors and omission insurance seem to be a standard coverage in other professions.  Does real estate practice require this type of coverage?  Maybe Mary can add more details about this approval letter also.

    • Jeff Payne > Richard October 3, 2011 at 2:19am

      Richard, it may be covered in E&O providing that the agent has E&O to cover a short sale.  I wish Mary Lou would come back and clarify this statement.

      If I were to venture a guess, she probably heard someone tell her that the banks are coming after agents as I have never seen an approval letter that stated any recourse to the agent.  Afterall, the contract is between buyer and seller and in my state I broker the transaction through transaction brokerage. 

      Arms lenth is a whole different topic though

  • Pat Chadwell October 2, 2011 at 3:26am

    Hi Mary Lou,

     

    I think you need to provide the context in which this was said.  Otherwise all of us are putting in what we think a bank might have said.  Sounds like you have a lot of people interested in answering the question once all the data is provided. :)

  • Sonia Shanahan October 2, 2011 at 3:11am
    No, but if I do I will definitely have an attorney look at it before I sign it.
  • Mike Netzel October 2, 2011 at 2:18am

    We have not once seen or heard of this being the case.

    Mike Netzel

    Keller Williams Realty Pittsburgh

    • Jeff Payne > Mike Netzel October 2, 2011 at 3:29am
      Good response from Steeler Nation!!!
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