"I'm interested to know how this turned out. Especially since 203K's take a while to close (normally more than the usual 30 day closing time frame that approval letters provide)."
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Listing agent is buying his listing in a short sale????
Started this discussion. Last reply by Vanessa Calhoun May 27, 2010. 8 Replies 0 Likes
The tables are turned and I am on my condo association and now have the ability to approve a short sale. Would love your feedback. The current owner owes over $20,000 to the condo assocaition and…Continue
Buyers changes terms of the approved contract.. Now what?
Started this discussion. Last reply by Vanessa Calhoun Jan 25, 2011. 12 Replies 0 Likes
I recently got a short sale approved with SunTrust. I was feeling awesome. Now after the buyer inspects the property and roof has a 2 year life per inspection, the buyers agent gives me an addendum…Continue
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Vanessa Calhoun replied to Ali Shassian's discussion Buyers changes terms of the approved contract.. Now what?
Joseph C. Alfe replied to Ali Shassian's discussion Buyers changes terms of the approved contract.. Now what?"tell them no. The property was listed As-Is, as all short sales should, wasn't it?"
Alyse Sands replied to Ali Shassian's discussion Buyers changes terms of the approved contract.. Now what?"I'd be interested to see how this turned out. I realize that this took place in the past but I didn't see anyone address that the financing should have been originally a part of the contract and that this information was used…"
Stacey Wilson replied to Ali Shassian's discussion Condo Association Neigotiation in the group Negotiation Station"I am in a similar situation. I actually tried the same strategy as Katerina suggested (buyer keep partial for payment to HOA, all cash), but the BUYER will not allow it. They don't want to pay toward any HOA dues. Oh well. I guess I need…"
"My negotiators was firstname.middleinitial.lastname@wellsfargo.com."
Vanessa Calhoun replied to Ali Shassian's discussion Listing agent is buying his listing in a short sale????"Do you think that the amount being offered to the condo association would be treated any differently if the buyer was different? The reality is that the $3000 is probably all that the 1st lienholder will allow for any junior lien, whether it's…"
Obed Montez replied to Ali Shassian's discussion Listing agent is buying his listing in a short sale????"As a regular buyer how can you outbid the listing agent if they see your offer and can out do something to better their offer. This is not unethical you say. There could be alot explaining to do if the if the regular buyer was to find out he/she was…"
Tish Thompson replied to Ali Shassian's discussion Listing agent is buying his listing in a short sale????"The bank probably didn't pay attention to the agent disclosing that he's an agent or maybe they just didn't care. This doesn't feel like an 'arms length' transaction to me either, but banks do what they want to do. How…"
"I agree, I just closed one where the selling agent was also the buyer. It was disclosed and the lender approved the short sale and allowed the selling agent to keep the commission. If it is disclosed and the lender approves it, it is not unethical…"
Ellen Muzzio replied to Ali Shassian's discussion Listing agent is buying his listing in a short sale????"Doesn't the condo association have a lien on the property, preventing this transaction from closing if the full lien isn't satisfied? We always strongly suggest to the Sellers to keep their HOA dues current so this doesn't happen."
Laura Baron replied to Ali Shassian's discussion Listing agent is buying his listing in a short sale????"Sounds like a conflict of interest to me. Is he the broker or an agent working under a broker? The E&O insurance will not cover any issues that come up if he is the listing agent and the buyer so I would talk to the broker or agent and let them…"
Joseph C. Alfe replied to Ali Shassian's discussion Listing agent is buying his listing in a short sale????"if the listing agent is disclosed on the contract as the buyer, then it is neither unethical nor illeagal. The lender was served notice. lenders approve all kinds of weird things if you ask them."
"The banks are requiring "Arms Length" transactions. This is not an arms length transaction. Arms length means not your family, not your friends, not you. I am sure the bank is unaware that the listing agent is the buyer, and not only will…"
Listing agent is buying his listing in a short sale????
The tables are turned and I am on my condo association and now have the ability to approve a short sale. Would love your feedback. The current owner owes over $20,000 to the condo assocaition and the bank is going to give the condo associaiton $3000. Turns out the buyer is the listing agent and is getting $2000 from the bank toward closing costs. Feedback please!!!
"I did get an earnest money deposit from the buyers. The problem is that because because of the recent inspection, they want to change fianancing from conventional to FHA 203K, which is concerning to be b/c of the stricter appraisals and guidlines…"
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- With several years of real estate experience gained in the Orlando market, Ali specializes in listing and selling single family homes, condominiums, and investment properties. Ali provides outstanding client counseling, education, and service through the arduous task of buying and selling a home. Her attention to detail and the emphasis she places on educating her clients throughout the transaction has earned her high praise from loyal clients.
In 2005, Ali was awarded into The Presidents’ Circle; ranking her among the top 6% of realtors within NRT. Her diverse background in the fields of marketing, retail sales, and nutrition education has helped mold Ali’s unique style that has become the hallmark of her successful real estate career.
She approaches her work with a lot of joy passion and commitment. And her intention is to build and maintain a positive, long term relationship with her clients along the way.
Ali is a graduate from the University of Florida, a member for the Orlando Regional Realtor Association, and a member of The National Association of Realtors.
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