Scam a lam a loo! Run! Don't walk.

Thu Feb 21 2008, 16:01

run it is a scam.......contact a local real estate agent instead.

Wed Feb 20 2008, 20:00

I am a real estate agent here in San Francisco. What you have described is not standard practice. Anytime you are giving money to someone upfront without too much set for services, you are probably doing something wrong. Get some peace of mind, consult a lawyer. Also get this guy's real estate license number and check the DRE website to see if he even has a valid real estate sales license, or if he has ever had it revoked. Short sales are simply a term for a method of selling the home short of what the mortgage value is. It functions pretty much as a standard sale, and agents don't get paid unless the property is sold. You may want to outlay an improvement, or conduct a professional inspection, in which there is a case in where you'd spend money on getting those services; but you shouldn't have to pay anything to the agent. DON'T STOP PAYING your payments. Anyone with a license who states that to you should have a complaint filed against their license. I'm including a link to the DRE license search site. If you don't find his/her license, then it may not exist.

Wed Dec 5 2007, 06:46

Dear Richard

You should make payments to the bank and only to the bank. If you are facing a foreclosure, it is best to save your credit. This is when a short sale will help you. (Short sales occur only when the mortgage owed is higher than the value of your property). It is the job of the agent to negotiate with the bank to market the property at face value and the bank will accept said value. There should be no fees from your agent in any shape or form as he/she will paid his/her commission at the settlement table . Even said commission is paid to the agent by the bank. I think that your agent is trying to take advantage of you.

Wed Nov 7 2007, 04:10

Richard
You have some good advice. Some question:
Why are you selling?
Do you HAVE to sell?
Why not keep one?
A REALTOR agrees to abide by a code of ethics. The case you have mentioned violates many tenants of the code.

You need a strategy. You create a plan, measure your options, then move forward. There is a proverb
"wise is the man with many counselors". Ask questions, give careful consideration, then report this fellow to the Dept;. of Real Estate.

Tue Nov 6 2007, 21:24

I want to add a link to free credit counseling service. This fine organization has been around for a long time and is very knowledable about the current crisis in the financial/mortgage market.
I have also worked with MEDA (Mission Economic Development Association) in SF. They also have a counseling service that will work with you and advise you for free.

Tue Nov 6 2007, 08:25

Nope. No one can assure your lender will accept a short sale. Realtors make a commission even off of short sales. I would suggest you find a local competetent Realtor and discuss. If this person doesn't have money to pay his staff, how sucessful can he be?

Tue Nov 6 2007, 07:33

If it sounds to good to be true, then it probably is......

Tue Nov 6 2007, 06:30

Richard, Do Not Stop making your mortgage payments. That is a huge no-no. Something does not sound right. Get another opinion from a local professional. This sends up red flags and alarms everywhere.

Yes, you may have to be behind in your payments to qualify for short sale. This will make an impact on your credit. Do you have any other options? Can you rent one of them out? Look harder at what it is you really need. If payments are too high, have you talked to your lender about options?

Tue Nov 6 2007, 04:31

Hi Richard,

I echo the sentiments of my collegues. One important thing you and your fiance need to know is that if you have any other assets then a short sale will not be possible no matter what "Mr. Helpful" says. Since you say that you and she own two properties then you have assets. If you have been making your payments and are not already behind, before you start yourself on the slippery slope toward foreclosure contact your lender and see if they can be of any help. Ask to speak to someone in the "Loss Mitigation Department" and see if they can help.

A reputable real estate professional would NEVER tell you to quit making your payments and if they are a member of the National Association of Realtor's it would indeed be a clear cut violation of ethics - a HUGE no-no.

When you are working with a reputable Realtor you should not pay ANY fees up front as they get paid only after their job is completed and the job is not done until your home is sold and escrow is successfully closed.

Unfortunately, I am based in Los Angeles County or I would offer to see if I could help you personally, however I am too far away to be effective for you. I would however be most happy to put you in touch with an experienced, reputable, and trustworthy LICENSED Realtor in your area who might be able help you.

I would also be happy to answer any questions you might have if you wish to give me a call or send me an email.

I hope I have been of help.

Take care,

Tisza Major-Posner, Realtor, Keller WIlliams Claremont/La Verne (909) 837-8922

Mon Nov 5 2007, 23:22

Report this fool to the DRE (Department of Real Estate) It is absolutely illegal to charge upfront fees without prior DRE approval. First find out if he has a valid license and then if he does drop the dime on the sleazy . . . Here is a link to the DRE web site. http://www.dre.cahwnet.gov/
Be sure you find one of us that cares for you and is willing to help you. It could be that you need to re-fi and not sell now, it could be you need to change your plans - all options should be explored with you making the final decision.
Good luck to you and thank you for asking this question on this forum.

Mon Nov 5 2007, 23:02

I agree with Michael, make no upfront money contributions. Short sales are handled by your Realtor and the bank. I have not seen people ever ask for upfront fee's, and if there is credit repair done, it is usually after the settlement has already been attached to your credit report.

Yes how did this person find you, make suer you talk to a Realtor, that has experience in short sales, not that they have knowledge of how it works. Actual experience. Good Luck

Mon Nov 5 2007, 22:38

Run, fleeing into the night from this joker!! We just had a broker/managers meeting in the NorthBay and we had over half of the brokers negociating "short-sales" WITHOUT having to "stop" making your payments. That this "short-sales specialist" asked you to do this is proves to me he is sleeze!! He can't be a Realtor or Licensee and be advising you as to these actions. Taking a "fee" upfront needs prior DRE approval. Telling you to now be "late" on your mortgage payments is ridiculous.
But there is more here than meets the eye. Why are you going "shor"? How did this "shark" get your names? Are you in default on one of the "lofts"? Did you call him? Any Realtor/Licensee can conduct a "Short-Sale" for you without up front fees. Did you sign anything with this clown? Last bit of advice--you cannot REPAIR your credit!!
Tell this guy to take a long walk off Pier 39!!!

Mon Nov 5 2007, 22:19