I received a call the other day from an "Eric". He says he wants to buy short sales. I give him 10 minutes of my precious time to hear what he has to say.
He proceeds to explain that he has a company that negotiates short sales. But he "buys" them - and his company negotiates the short sale. He explains to me that any bank - they're "in and out in a few weeks". They get deals done super fast because they "know what they're doing".
I keep listening. He proceeds to tell me, in his contracts it says in bold print something to the effect: I PLAN TO MAKE A PROFIT FROM THIS TRANSACTION - or something along these lines - this of course "solves" the issue of the Home Equity Theft Prevention Act...of course. Meanwhile he's talking about achieving a 60% "spread" on the equity of the home.
He says, "the home equity theft prevention act....what equity. There is not equity..."
In my head I'm saying, then what's your "spread" mean???? If you "achieve" your "spread" - then there's equity...and you're stealing it.
Anyhow - he tells me he speaks with agents all over the country and so many of them "don't know what they're doing..." He tells me, "...everything we do is totally straight up" (yeah - someone's ars - I'm thinking to myself!).
He tells me if the spread isn't met then I am charged a 1% fee from my commission for their negotiating the short sale. Tells me - "oh it's better if the property isn't listed..." I'm sure it is!
By the time we got off the phone, I knew I wouldn't let this guy near any of my clients, nor would I even think about doing business with him.
Sick.
Now I'm sure there are people out there that are a lot smarter than I am - making a ton of money doing things like this - that may very well be legitimate. Who knows, everything this guy was telling me could be 100% ethical and legit. I'm not as smart as him...I don't know.
But my paps once told me: If it's looks like "IT", smells like "IT"...don't taste "IT".
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