patrick.net

Glad more people are figuring this out.

Another piece of advice: Don't try to claw commission back from the listing agent since they are getting "double." Keep him/her working for you by thinking with their wallet.

If you don't offend them, it is likely they will favor your offer over all others.

I did this and it worked out great.

Seems like it would be very easy for a buyers agent to contact the bank and ask why an offer submitted by their client was not selected over the chosen offer. Eventually the known sales price will be disclosed, so I'm just wondering how a listing agent could possibly get away with not showing an offer to a bank.

I 100% believe this happens,

Perhaps banks don't respond to these types of requests from realators? Are these "losing" realators just viewed as bitter?

Thanks

I once used a listing agent on a short sale. She volunteered that she'd discourage any other offers by saying the offer they are working with is waaaaaay over listing price, and is cash.

Even if the would be competition calls the bluff, their buyer agent would be reluctant to write the offer.

If the buyer agent writes the offer, it's going in the trash bin of the seller agent.

I agree with all the posters above. For me, the short sale route simply was off the rails ethics issues. Decided to turn around before I got burned. I guess I am too honest and not a good poker player to deal in this ballpark of very unscrupulous wheeler and dealers. I think to make it work, you have to get DOWN or Under everyone else's very underwater ethical level. I got scared and ran.....lol.

OnTheFence says

just wondering how a listing agent could possibly get away with not showing an offer to a bank.

You can sue the agent and the bank for "specific performance". They have more lawyers than you do. So, good luck with that.

Does anyone understand what a short sale is ?
It is the banks attempt at cutting losses, because it knows the asset will continue to fall in value. Similar to "Shorting" stocks.

TMAC54 says

Does anyone understand what a short sale is ?
It is the banks attempt at cutting losses, because it knows the asset will continue to fall in value. Similar to "Shorting" stocks

You obvioulsy have no clue what a short sale is. It is a banks way of avoiding the costs involved with a foreclosure. It's cheaper to take a small loss now rather than paying the foreclosure costs AND the same loss later.

How about just taking a real estate course and becoming your own agent. The savings alone justify the effort for many. Join the realtards and save yourself from someone putting their greedy hands on a years of your savings.

OnTheFence says

Seems like it would be very easy for a buyers agent to contact the bank and ask why an offer submitted by their client was not selected over the chosen offer. Eventually the known sales price will be disclosed, so I'm just wondering how a listing agent could possibly get away with not showing an offer to a bank.

I 100% believe this happens,

Perhaps banks don't respond to these types of requests from realators? Are these "losing" realators just viewed as bitter?

Thanks

Rarely do realtors eat their own. I have reason to belive that I one once in a similar situation. My lawyer went to bat for me. My agent - he didn't want to make waves, and declined to take an active role in pursuing the matter.

I'm working on closing my first short sale now. The incentive for the selling agent to double his/her commission will put you at the top of the list and rightly or wrongly influence the selling agent to run defense for you with respect to other offers.
Just curious how pricing the offer went. Did the agent try to dissuade you from what you offered? I'm assuming you probably did your own comps -- or did you work with the selling agent to come up with a 'reasonable' offer that the bank would accept?

GameOver says

Which is why you should leave a written offer with the listing agent and inform them that you'll VERIFY with the bank that they actually got the offer. Mention this fact just before leaving and leave it at that offering no further details.

That information will not be released to you... if you even get a hold of anyone willing to speak to you.

A buyer agent will not make an ass of himself to get this deal pushed thru. Buyer agent wants to make friends in the industry; not enemies.

TMAC54 says

With a little research you will find Both of these quotes are from the OWNERS religion, and they certainly don't want to lose any more equity. How many home owners admit prices may continue to decline ? Kinda sad Huh ? I learned not to argue with drunks or religious zealots a long time ago.

I think you should give up arguing with anyone. You should instead listen and perhaps learn something.

tatupu70 says

I think you should give up arguing with anyone. You should instead listen and perhaps learn something.

licensed for 17 years. You ?

TMAC54 says

tatupu70 says

I think you should give up arguing with anyone. You should instead listen and perhaps learn something.

licensed for 17 years. You ?

How much invested ? How much back ? What's the risk ?

licensed as what?

real estate. you ?

TMAC54 says

real estate. you ?

How much invested ? How much back ? What's the risk ?

No offense, but being licensed as realtor doesn't help your case.

^

Wow. I would have sued them to high heaven on principal alone.