SIGforum.com Main Page The Lounge Listing agent kills deal by contacting buyer's banker update page 2
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paradox in a box |
I was about to argue with you. But reading southern’e post again it seems maybe the pictures sent weren’t accurate. That’s weird. These go to eleven. | |||
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| I've always been Crazy! kept me from goin Insane! |
Frayed. To further clarify today the 20 day Fannie Mae hold for a owner/ occupancy expired. I put in an offer and 2 others put in an offer. I know who 1 is. My employee has "dropped" his. The other party is an unknown, my suspicion is the unnamed bid is either the listing agent or a "friend" of hers. With what she has done it makes sense. This afternoon she sent an email stating 4offers, make your best offer by 10am tomorrow. My opinion she is shady as hell. I contacted Fannie and stated what we know THEY strongly urged me to file a formal complaint with them and Kansas real estate commission. -------------------------------------------------------------- Harrison Shooter Supply FFL 07 SOT I am the member formerly known as "Southernmaninla". | |||
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safe & sound |
Is this a HUD house? Maybe they've changed things, but the last time I dealt with a HUD house they didn't accept offers, get multiples, and then ask for your highest and best. Perhaps if all of the offers were identical..... Unlike other people wanting to use the real estate market like E-bay, HUD had a price and the first person to offer it (or the highest acceptable by their formula) was accepted. | |||
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| I've always been Crazy! kept me from goin Insane! |
It's a Fannie Mae forclosure. I think she is scamming the system. The formal investigation that is sure to come will find out. -------------------------------------------------------------- Harrison Shooter Supply FFL 07 SOT I am the member formerly known as "Southernmaninla". | |||
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| safe & sound |
It's entirely possible. HUD's system is set up to favor an owner/occupant over an investor, so it reduces the games to some extent. When I was heavier into looking I would find bank own properties that were listed an hour or two prior to me calling the agent only to be informed that they were already under contract. Really? An offer was submitted (to a bank none the less), considered, and accepted in the last 90 minutes? It was the same game. They had a buddy that wanted it. They got the opportunity to know it was available before anybody else, get all of their ducks in a row, and then the agent would list it just to say they had. There was never any intention for anybody else to to have an opportunity. | |||
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| Member |
Lots of realtors were doing this here in South Florida after the fall when there were lots of foreclosures......they'd take bids for the banks, then send out a memo to submit your highest and best offer, sometimes high offers would simply never make it to the bank......then one of their investor buddies would come in just above everyone else and get the property. | |||
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His Royal Hiney |
That doesn’t take away from my point that the listing agent shouldn’t be bad mouthing a property he was hired to sell. If it’s a bad financing deal on 3% down, it would still be a bad financing deal at 20% down based on the house. The bank’s concern is the value of the collateral but, mainly, the ability of the buyer to repay. They even have 0% down available for vets. And if it’s a bad financial deal at the full asking price, something really is shady. As I understand it, realtors want fast sells at high prices. But between the two, they’ll take fast transactions anytime as it frees up their time to sell another house and it beats the commission difference of waiting for a higher price. "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
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| Oh stewardess, I speak jive.  |
Yeah, my opinion is based solely upon the supposed monkey business with the photos. | |||
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| Doing my best to shape America's youth  |
Sir, you're a rare breed in this world. Kudos. Clarior Hinc Honos BSA Dad, Cheer Dad | |||
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| paradox in a box |
My point, if we ignore the photo monkey business, is that the realtor may have good reason to think financing will fall through if the property has certain issues. So informing the bank up front saves headaches in the end. Nothing wrong with doing that. Obviously there may be more going on here if the realtor sent the bank inaccurate photos. These go to eleven. | |||
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| Just because you can, doesn't mean you should |
Could be the realtor is just lazy too. I always start with the simple explanation. Her commission is going to be a few hundred dollars after splitting it and various fees. Then there's the hassle dealing with financing such a low amount, especially if it's through one of the government agencies. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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| paradox in a box |
If they were lazy then wouldn't they just take the first offer and get it over with? These go to eleven. | |||
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| safe & sound |
Exactly. But if her buddy comes in and buys it maybe she'll partner up with him. Or get her commission here and again when her buddy fixes it up and sells it. It's not about loosing any commission. It's about loosing additional opportunity. | |||
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| His Royal Hiney |
I'm trying to understand the situation, not argue with you, just to be clear. The realtor was hired to list and sell the property. That's his responsibility, duty, etc. per the contract he has with the property owner, right? Successful performance of his duties is to facilitate a purchase transaction all the way through. He doesn't get paid his commission until escrow closes on the property and the title change hands. If the property has certain issues that will be a hindrance for financing, why doesn't he get that resolved with the property owner? If he gets whatever issues there are resolved, then that would enable financing to go through. Bad mouthing the property to discourage financing doesn't resolve the issue. He supposedly has nothing to gain by not facilitating the sale of the property to go through. The sooner he can facilitate the sale, the sooner he gets his commission and the sooner the current owner is satisfied. Since he stopped the financing by bad mouthing the property which doesn't solve whatever issues there may be, then what does he have to gain? Even setting aside the bad pictures, just the fact that he bad mouthed the property he was hired to facilitate the sales thereof, says he has a hidden agenda. Put yourself in the property owner's shoes. If you found out that the listing agent you hired to sell your property was bad mouthing your property, would you think that it makes your property more sellable or less sellable? Would you think the final sales price would be less than, more than, or the same as your current asking price? And how would you feel about the listing agent? "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
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| paradox in a box |
No worries, I'm not trying to argue either. Just trying to understand this situation as well. One thing I think you may be missing is that it is a bank owned property. The bank isn't going to do any work on it. They basically tell the agent to sell the house as is. I'm familiar with this type of transaction as my girlfriend actually has one of these types of properties up right now. It has lost financing 3 times because the buyers claimed to have certain financing and then tried to use a conventional mortgage. Very often bank owned properties in bad condition require cash only sales. Again the difference here seems to be some weird business regarding pictures and the fact it's one of the owner occupied preferred properties. These go to eleven. | |||
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| Just because you can, doesn't mean you should |
A cash offer with no contingencies, yes, that would be preferred by the agent. An offer with 3% down on a $30,000 house and all the crap that goes with one of these government backed loans, no. I'm not excusing what may have been done, just explaining the reason. Where I live it is common that a particular realtor will handle most or all of the listings of these foreclosure properties. They take them because of the volume and there are more expensive ones with a larger commission and not HUD or other loans. They don't require much marketing. The small ones are just a pain to deal with. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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Bolt Thrower |
Every single bank/gov listed home around me had something that disqualified it from a conventional mortgage. I wouldn't blame a broker for not wanting to deal with financing on a house that cheap. It's really a shame as many homes could easily be fixed up and be perfect for owner occupiers, but up here a cheap house is high $300k. Not many first time buyers have that cash laying around. | |||
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| paradox in a box |
Okay, I see your point. I think we are pretty much on the same page. These go to eleven. | |||
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