Have you ever seen the signs posted on telephone poles in the Metrowest area that says something to the effect "We buy houses" . The headline usually reads do you need to sell your home quick? Are you in financial trouble? Do you need cash fast?Be on the lookout for a new Real Estate scam taking place in the Metrowest area.
Join the discussion below, or Read more at metrowestmarealestate.blogspot.com.
#23 Jul 24, 2009
Seems to me we have another uninformed RE Agent here
"The option contract you mention is nothing more than a scandalous piece of garbage..."
Reply to life Aquatic:
Homeowner: Working with a legit investor increases the likelihood they avoid foreclosure. And it's sure a lot better than having an agent throw it on the MLS and chase the market down. That does nothing but bring the homeowner closer to foreclosure.
Banks: They lose? Wrong. They make a financial decision. Consider the risk and cost of foreclosure. And make a decision based on one thing: "Will we get more cash if we foreclose?". If the answer is no, they'll take the short sale offer.
End Buyer? You have to be joking on this one. End buyer losses because bank "would have accepted less". That's amusing. ANd maybe the buyer could have found the deal, spent 30 hours putting together a short sale package with the risk of no financial gain is it failed, and negotiated it for himself. Maybe the buyer could have done that. And maybe the buyer couldhave spend 3-4 months to do it.
Market: It losses? Is this another joke? Short sale investor keeps a home out of foreclosure and the market losses? Nothing but BS there.
Negotiator: Only profits when successful. Doesn't charge up front fees. Risks his time to reach an agreement. Also, helps the bank and homeowner avoid a foreclosure. End buyer buys a property at below market value without having to wait 4 months for an approval.
Yup, only the negotiator benefits.
And not clear why they're needed? Maybe you should talk with some real estate agents who are doing short sales right now? Many are clueless. And in many areas their success rate hovers around 5-8%.
Isn't it a benefit, if a negotiator can step in and improve the chances of the homeowner avoiding foreclosure?
And finally, if the bank understands they are in this to profit than what is the problem?
#25 Sep 23, 2009
How do you know what their intentions are? Who would go through all of that just to get a listing? Maybe they are a legitimate company that try and get a good price by buying it at a reasonable price and resell it. Honestly, who wants to make a 2.5% commision as a realtor sellign s short sale after 10 months of negotiating with a bank?? Not worth it. Hurray investors presenting low offers to the banks and making a profit when they resell them as long as they disclosed this to all parties this is not a problem. As a real estate agent you will never get it. You will always be an agent and never move to the big picture.
#26 Sep 23, 2009
90% all listings on the mls handled by real estate agents go to foreclosure. Seems to me like this is a legit investor trying to make a profit!
#28 Sep 11, 2010
The big picture is Bill worried about some investors closing in on his turf.
Most short sale investors Bill actually DO buy the house so why is your nose bent about the damn sign? They then turn and flip that property for a profit...BIG WHOOPIE.
All I see from this post is a guy who is scared he's losing business to some investors.
Listen so long as the investor discloses to all parties involved what's happening and the homeowner is on board, there is likely a good sale on the table.
Most contracts have the homeowners permission to list the property. Equitable interest. An investor would need to disclose somewhere in the listing that sale is "subject to them taking title"
The successfull short sale investor friendly agents I've seen sign as a facilitator or a dual agent. All bases are covered. You seem to be creating a smoke screen where there is nothing wrong.
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