Florida Short Sale Buyers-The Seller Hired Me Not The Bank!

Midori, Excellent post as I think education is key and we will be talking about short sales for quite some time.

Nicely done, Midori.  I think the biggest misconception about short sales is that the bank already owns the property.  As a result, too many buyers go into the situation thinking they are going to get the deal of a lifetime because the bank just wants to unload the property.  Not so.

Kathy

Midori, Terrific information. I handled a short sale for a SELLER a few years ago when this all began. I had to inform the bank in that case many times that I DID NOT represent them, I represented my client, the SELLER. This was one of those banks that created the problems we are now facing by refinancing and misrepresenting and, dare I say, lying to people whose backs were against the wall?

Midori- Oh, the short sale syndrome.  The misinformation, the misunderstandings and miss opportunity because the banks won't get their acts together.  No wonder we are in such a mess!  Good luck as you work through the process.  Great reminder of who our responsibilities are owed to and are accountable to. 

Hi Midori,

Excellent advice for buyers! Have been in this situation before where the buyers are misinformed about the short sale process and assume the banks make the decision on their offer. :)

Midori - This is great, I liked it so much that I reblogged it. I hope you don't mind.

Great info, Midori.  Short sales have always sounded like such a great deal for a buyer.  But, there's much more to them than the name implies.

Midori - What a great post !  I remind buyers agents of this all the time as well as consumers.  There is so much misinformation out there.  I say the same thing, that the seller still owns the property and the sellers must accept the deal first before anything can happen.

Midori, when you set the record straight, did you roll your neck and head and snap your fingers at the same time like they do on TV?  Just wondering!  Because you told him!

~Renae

Midori ---Love your blog --- hope you don't mind but I'm printing it out to use with my newer agent/owners --thanks so much.

Midori, Did this mininformed, angry person APOLOGIZE?   I realize they didn't know what they were talking about and were upset but I'd hate to have to deal with someone screaming at me--especially when they're wrong!

Amazing that he called angry. Im sure he was very apologetic and humble at the end of this conversation.

Midori - there seems to be a lot of confusion around these deals and how they are handled. I have had short sales where the seller signed multiple offers and all were submitted to the bank. And in other cases only 1 offer, and not the highest, was signed. Sounds like someone's agent was NOT doing their job very well.

Jeff

It kills me that Realtors don't imform there clients properly!

And people think we get paid too much.....guess this is just part of the educating we do.  We could all probably add "Adult Educator" to our title.  Good job at hanging in there, Midori.  Hope you get it closed and you get paid!

That's a whole month full of "blog fodder"...things I don't/won't understand about banks...let me count the ways...let me count the banks...whoops...ran out of fingers, toes, and other appendages...abacus anyone ?

I think it is pretty much illegal in ALL states for a seller to sign off on offers agreeing to sell the same property to multiple buyers...