Jane

That's aweful those agents do those things. What is wrong with people these days!? My agent tells me horror stories of having to work with that kind too. I can tell she gets VERY frustrated by the level of ignorance out there! She's pretty smart and usually handles them pretty well, but I can see how it would get old! haha Thanks for your input. Glad to see we're not alone out here! =) - Sun Jun 1 2008, 09:20

I had the same problem. I think you may be right. They receive a better commission that way, although it IS unethical. ALL offers are required to be submitted to the Bank REGARDLESS of whether or not you are using a "Buyer's Agent" or are just using the "Listing Agent"... BOTH are required to do their part. The listing agent is representing the Bank, usually through an "Assett Manager" the Bank has appointed to "handle" their REO property. That LA is supposed to present ALL offers to the AM REGARDLESS of whether or not the offers come from his clients or clients of other agents. HOWEVER, I think you're right, it's happening ALOT around here too. These LA's are only presenting their own buyer's offers, so that THEY receive TWICE the commission than they would recv if the house sells to another agent's buyer. Did that make sense. Sorry if I rambled ,but you get my point? -=) - Sun Jun 1 2008, 08:58

Thanks. But from what I understand, the Insurer WAS willing to accept the Short Sale IF they could receive a sum of $150,000. I don't know what that figure represents, but for some reason it's what they want. I have also been told that either way, short sale or foreclose, they ALL (Bank, Ins.,etc etc) will still stand to lose over $650,000 if it forecloses vs. $150,000 if it sells short... Again, I'm not a RE professional, so I'm not sure what all these figures represent, but I can make some good guesses. This is just what I have gathered throughout the process during the recent weeks. Can you make any sense of it? Thanks for your response. These Short Sales are seriously nervewracking aren't they!? =) - Tue May 27 2008, 13:57

Yes I am working with someone of who I trust. Like Don said, NOBODY has a crystall ball, NOT EVEN MY TRUSTED REALTOR, and this is why I like to get a concensus. Thanks For all of your input, it's nice to know what others think, and to have what we were thinking reinforced. Thanks Again! =) - Mon Mar 31 2008, 20:14

Mr. Keys. Thank You for your input as well. I think you are pretty accurate. I only wish someone DID have a crystal ball! lol That would definitely make this a whole lot easier, wouldn't it. I wonder if any of you have ever even heard of a situation like this before? Where the Bank(Seller?) will do a leaseback on a short sale house while its in it's usual 90 day escrow. Have you ever heard of this happening? Thanks =) - Mon Mar 31 2008, 15:25