Your question isn't 100% clear, because you're mixing two terms.
Is it a short sale or a foreclosure? A Foreclosure would be a public auction, so ANYONe could buy it there, including the agent's "investor".
Clarify exactly what your concern is and i'll try to help you.
You're welcome to email me at firstname.lastname@example.org to keep it private.
Faith Home Loans
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Call your lender immediately to be sure your agent has submitted a contract at the price you signed. It may be possible your Realtor is trying to do a same-day flip and not showing the bank your contract but a lower priced contract! One way to be certain what is going on is to contact your lender directly.
If it turns out your lender has a falsified contract that you didn't sign then call the FBI immediately and have the Realtor prosecuted!
From what I heard today the FBI has added about 200 extra agents in Florida to do sting operations on Realtors/Investors/Owners committing short sale fraud.
Hope this helps you. Hopefully your Realtor is acting in your best interest and not their investor or themselves! Unfortunately I see shady deals every day in Short Sales in Tampa Bay--especially by certain listing Reators and well known Real Estate firms. Why their brokers allow these agents to get involved in these suspect deals seems like pure stupidity to me...
Not sure what created the question, but it is unlikley that this type of fraud would take place in this enviorment because of increase regulations in the bank. Honnestly the banks are having a hard enough time trying to take care of business when it is "normal" .
First Weber Group
Certified Distressed Property Expert
Secondly you should be making every effort to avoid foreclosure through a modification, Do you know short sale is a form of foreclosure. Foreclosure is a life changing event you need to do something about it, get proactive, showing you were proactive to the court many times can save your home, courts are getting fed up with uncooperative banks. Call your bank now ask for a modification and document everything that is said or done and bring it to court.
Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of-foreclosure
Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like your job, yes employers are checking credit records these days.
Your credit score will be reduced by 200-400 points, short sale a little less 100-200 points.
All forms of foreclosure stay on your credit report for 10 years.
After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure
* Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
* Buying After a Foreclosure with Extenuating Circumstances
The waiting period is 3 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure with Extenuating Circumstances
The waiting period is 2 years up to 7 years.
* Buying After a Short Sale
The waiting period was just upped from 2 to 3 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.
In addition to the waiting period, most loans require a minimum down payment of 10% and a minimum FICO score of 680. The home purchase must also be the principal place of residence, not a rental nor a vacation home.
Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.
No, not without committing several violations of the code of ethics. Realtors adhear to a strict standard of ethical behavior to other realtors AND to their customers.
Debbie Albert, PA
Coldwell Banker Residential