Why do banks think investors are scammers? Why? because of articles like this.
There has been alot of talk about arm's length transactions lately and the banks "new" addenda needed. There has also been talk of flippers, floppers, scammers, investors etc.
If we want to know why the banks think everyone is trying to scam them, read this article and the thousands of others like it.
Like it or not, this is what we have to deal with.
Scammers always seem to make a buck in tough times
Here are a few paragraphs.
'One of the more glaring results of the CoreLogic study was that short sales resold on the same day had an average of a 34 percent gain ($56,947) between the sale prices.'
According to the study, “suspicious” transactions are short sales that might have caused the lender to incur unnecessary losses. “Suspicious” short sales are defined as:
• a new transaction less than one month after the short sale where the new sale price is at least 10 percent higher than the short-sale price;
• a new transaction less than three months after the short-sale where the new sale price is at least 20 percent higher than the short-sale price; or
• a new transaction less than six months after the short sale where the new sale price is at least 40 percent higher than the short-sale price.
The study examined more than 450,000 single-family residence short-sale transactions in the past three years. It noted that some legitimate property rehabilitation and “flips” — where repairs and improvements were made — have occurred within the “suspicious” time frame.
Replies to This Discussion
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Permalink Reply by SueEllen Morse on
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Jeff have a closing today with BOA waiting on Final HUD from BOA..Nothing! Need it ASAP..Any suggestions?
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Permalink Reply by Jeff Payne on
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Twitter BofA. Is the closer not responding? The folks from BofA on Twitter are very helpful.
SueEllen Morse said:Jeff have a closing today with BOA waiting on Final HUD from BOA..Nothing! Need it ASAP..Any suggestions?
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No he is not responding to anything for two days now. Title company wants to cancel and then I will have to extend and get all that approved.
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why would title company want to cancel? They should be working with you to get hud approved.
SueEllen Morse said:No he is not responding to anything for two days now. Title company wants to cancel and then I will have to extend and get all that approved.
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We have no contact information . Equator has only Bruce Morales and no number or email is correct. I've called BOA and they still give me the same number doesn't work. So title company is trying but we have no current contact info to get the Final HUD..
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You should have recieved an email from the closer with instructions on how to get the HUD approved. Have you tried contacting the negotiator as well as the closer?
SueEllen Morse said:We have no contact information . Equator has only Bruce Morales and no number or email is correct. I've called BOA and they still give me the same number doesn't work. So title company is trying but we have no current contact info to get the Final HUD..
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Permalink Reply by Smitty on
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LOL... Jeff I know you don't want me on this thread.
All I can say is there is NOTHING SUSPICIOUS about any of this. (so long as there was full disclosure)
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Permalink Reply by Richard on
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Hi Jeff,
I am not an agent but, speaking as a short sale participant, I am just as concerned about scammers. However I feel there is plenty of blame to go around. I think the problem is evident in two areas of the transaction in particular. In the real estate industry and lending institutions. I feel the problems could be minimized or significantly reduced from a real estate standpoint by:
- Providing stronger and more specific contracts
- Providing better education to the sellers and buyers upfront
- Requiring pre-qualification of the seller and buyers upfront (weed out the bad guys on any property early)
From the lending institution standpoint, they should:
- Streamline their processes
- Provide short sale property pre-approvals upfront (commit to the transaction contigent upon sellers qualifying)
- Provide a appraisals and BPO upfront, (costs can always be updated periodically, then recover costs at the end)
- Provide more, faster & efficient internal contacts for the listing and buying agents througout the transaction, it saves everyone money (no more run around)
When I look at the lending institution industry, I see red tape and bureacracy. When I look at the average real estate agency, I see the private sector, the average person trying to make a buck.
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Actually quite the contrary, I actually want you on this discussion. I am on your side but wanted to point out the answer to some questions on here lately about fraud and arms length transaction affidavits that agents have been upset about. The banks, being the best scammers out there, are using this type of information to make us all look like scammers.
Smitty said:LOL... Jeff I know you don't want me on this thread.
All I can say is there is NOTHING SUSPICIOUS about any of this. (so long as there was full disclosure)
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Permalink Reply by Kristy Hamilton on
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I would like to know why the investor is such a big secret. Disclosure, right?!
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SueEllen, Did you get your deal closed? Do share.
SueEllen Morse said:We have no contact information . Equator has only Bruce Morales and no number or email is correct. I've called BOA and they still give me the same number doesn't work. So title company is trying but we have no current contact info to get the Final HUD..
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Permalink Reply by Christina Conrad on
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I read the article..The crazy thing is, the banks could sell it themselves but choose not to.
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