"Thanks Mike for the reminder here to all. I'm new to this venue and really appreciate it. However, It appears that we keep reiterating the same points over and over again to new comments. Is this common? Just curious. I always look forward to…"
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Betsy Lynch's Discussions
Fake offer at time of listing to make bank reveal their bottom line?
Started this discussion. Last reply by Dana Harris Carter Aug 19, 2010. 19 Replies 0 Likes
I was just verbally attacked by an agent because I had not put in a really lowball "fake" offer early in the short sale process so I could guarantee the real offer would be accepted. Is this a…Continue
Short Sale on home prior to relocation
Started this discussion. Last reply by Ernie Dill Aug 10, 2010. 3 Replies 0 Likes
I have client who has tried for 2 years (off and on) to sell his home in Ohio after being downsized. He searched for employment in Ohio and also in California where he has elderly parents. …Continue
Signing over grant deed
Started this discussion. Last reply by Betsy Lynch Jun 9, 2010. 9 Replies 0 Likes
I am new to the Short Sale Network and already know it is a valuable asset! Lately, I have been deluged with companies offering to help a seller get rid of their house and stress of selling short. I…Continue
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Betsy Lynch's Page
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Dana Harris Carter replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?Dana Harris Carter replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"Hey Martha! This is why you would suggest, as I'm sure you do, that your clients talk to a tax professional. I can assure you that in my history of being a full-time Preforeclosure/Bankruptcy/Fraud Specialist for the past 15 years I have NEVER…"
Mike Linkenauger replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"Again, every situation is unique. If it is their primary residence, there really is no tax liability under current laws. There is the deficiency variable, but that can be cured in many cases with a higher offer or a little $$$ contribution. You…"
Martha Holmberg replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"I have known of agents doing this but not a lowball offer. You would never want to put a seller in a position where they may potentially have a large tax liability where you were the cause of it."
Joseph C. Alfe replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"plus, fake offers get the lender to agree to their price FOR THAT OFFER! An new offer gets re underwritten."
Dana Harris Carter replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"Hey Dawn!
That's a point I never considered.....great thought! However, keep in mind a lot of those knuckleheads don't even get caught. The banks are way too large to maintain such a list to be frank with all due respect and their own…"
"People who who make fake offers get black listed with the banks ."
Dana Harris Carter replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"I agree, too, Mike! The pricing strategy is the key to it all. Most inexperienced agents working on short sales will overprice. As we all know, this practice does a gross disservice to the seller's in distress. Overpricing will kill the deal…"
"True enough."
Mike Linkenauger replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"This has definitely been a much more common practice than most will admit at some point. There are however better ways. Each situation is very unique, however one thing always remains true - price cures EVERYTHING! While it may be questionably…"
"Sorry I have not been on the sight for a few days. Working with ACS/Wells Fargo and had a very bad negotiator. Finally got to someone who would help.
Thanks to all of you who spoke to the fake offers. Short cuts always seem to backfire and I do not…"
Mike Linkenauger replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"Appreciate your commentary and Glad to have you on the site! I look forward to your participation and contributions!"
Joseph C. Alfe replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"Dana, you hit it right on the head. "Everybody is an expert" nowadays. Yeah right, take a 3 hour course, have a few short sale listings, and you are some expert."
Dana Harris Carter replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"I totally agree Joseph!!!!"
Joseph C. Alfe replied to Betsy Lynch's discussion Fake offer at time of listing to make bank reveal their bottom line?"I do not like submitting "fake" offers. This is a big reason why the lenders systems are clogged with deals that will never close! If you priced the property right in the first place, there is no reason why you can't get a legitimate…"
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- Licensed since 1996. I specialize in first time home buyers and sellers. As a mother/stepmother of 7, grandmother of 12, and great grandmother of 3, it is obvious that helping others is a natural trait. As a result, my new business is often buyers and sellers who need education in real estate transaction, lending process and everything related. Not always the easiest, but definitely rewarding.
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Comment Wall (2 comments)
- At 1:59am on August 15, 2010, Dana Harris Carter gave Betsy Lynch a gift…
- At 8:45am on May 7, 2010,
Andrew Thurber said… - Welcome to the guide!
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