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Liz Loadholt

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Posted by Liz Loadholt Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC on 07/21/2010 05:19 PM

Comments (12)

Short Sales Are Scary in Many Ways in the Training Channel

short sales, short sales are scary, investors taking advantage of sellers, mama liz, liz loadholt, agentowned realty covering sc real estate

Originally posted at: Mama Liz's Blog: Mama Liz Says --Short Sales are Scary In Many Ways

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12 Comments on Mama Liz Says --Short Sales are Scary In Many Ways

JUL

2010

Hi Mama Liz, I haven't seen you for awhile. Short sales can in fact be scary to navigate. I just represented a buyer in one and it closed a little after two months. The listing agent really knew what she was doing which really made it nice. Good luck with that situation of yours.

I've NEVER list a home for short sale and let my seller sign a contract with a buyer who wanted to negotiate with bank. That's nuts. You're advise for them to see an attorney first before signing that type of contract is spot on.

JUL

2010

Cynthia --- good to see you --- it is extra nice when the listing agent knows what they are doing.

Tammy --- I agree with you --- it is nuts --- I try to advise all of my agent-owners, but it is very difficult to touch each one of them.

I've only had to represent a buyer 3 times in my entire career on a short sale. I had no idea buyers would want to negotiate with the banks. I would definitely not recommend it. I would definitely recommend they talk to an attorney. This is too bad for the seller...

JUL

2010

The short sales rules (which are zero) change constantly, and the number one way we can help people is by talking about how we can help, and how short sale sellers can protect themselves.

Sounds like you are describing a short sale flip. Notify the FBI in your area and notify the short sale bank that you have a buyer that wants to pay more. Also, check title. The seller has probably already deeded over the house to the investor. It's a mess. This would mean a violation of the seller's due on sale clause. I had one of these earlier in the year. Still reeling from it. If it's a short sale flip, you need to notify the fraud division of the short sale bank.

JUL

2010

Lisa --- nice to see you --- thanks so much for stopping by.

Carol ---- thanks so much for stopping by --yes, short sales are scary.

Chris Ann ---- thanks so much for stopping by -- yes, it is a short sale flip --- there are so many of these going on right now -- this particular case, the buyer recorded his contract with the seller -- you have given great advice.l

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Liz Loadholt Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Mount Pleasant, SC

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Liz Loadholt- AgentOwned Realty- Covering SC

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