An investor called me and told me that he was interested in buying all my Short Sales. I was thrilled, even though I thought it was too good to be truth. I met with him at my office and he gave me a contract that I would have to use to work with him.
In explaining his contract to me, he said that his "idea" to buy all my short sales that I had been working was that he would make an offer from the beginning of the process (with a rather ridiculous amount) and that I had to find another buyer to make an offer (for more than his). Then he would give the other buyer the option to buy the house, but he would keep the difference between the two offers at the end of the transaction.
I talked with my lawyers, and in Georgia it is not illegal to agree to this kind of transaction, but from my point of view it is unfair. Especially when I as a Real Estate Agent am representing a seller in distress, not the bank, not that investor. I understand that every human being needs to make their living, but it is not always the fair way.
Sellers, would you like it when a person is taking advantage of your situation, playing with your financial future. How many of you believe that this investor is going to be fair, if the bank does not accept his offer, or the investor does not allow any competing offers to be presented if he does not make money on the transaction. Even worse, how many of you believe that this investor will buy the house at the end of the day, if he's lucky enough for the bank to accept his offer, but no second buyer has come along to make another offer?
Short Sales are demanding and can also be a source of revenue for lots of investors. Which of these investors will be interested in the seller's financial future? It was good for my sellers that I am interested in their financial future and helping them make a new financial life for themselves. Let me know if I can help you protect yours.
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