GMAC Short Sale Verbiage is Stealing MY Money!

so go after them in court... why speculate... that serves nothing cause they will just keep doing it... or perhaps it is nto important enough...

BB -

This is head-exploding news. Thanks so much for sharing. I was hoping to have one day free of turds floating in my punchbowl; but alas, it looks like today will not be that day.

Lenders suck.

Well maybe not ALLL lenders, but most of them these days seem to, and GMAC certainly does.

How about this? They want to play by those rules they can keep their frickin inventory.  Surely there are other homes to show with different loan cos. holding the note.....right?

Just say NO.  That's how you fight back against this ridiculous money grab by a bank.  You are guaranteed that if this little scam is even remotely successful by GMAC, the other vultures will descend posthaste.

If you think about all the changes taking place in the mortgage industry and the banks' continuously assertiing control over the real estate market, you have to know that their motivation is to make LEMONADE out of the lemons they sold us 2-3 years ago. 

Hard to know if it's a MONEY GRAB or a LAND GRAB.

I've not yet run into this issue in my area but I imagine that the day is coming...blah!

I know the banks seem to be getting tougher and tougher to deal with. We have been able to make agents productivity go up with our negotiation services. We take your short sales start to finish. If you have any questions how we can help your business boom in 2010 please call me.

Elizabeth's statement on #49 above seems this could be taken out in due course. But if they do this for a while to flesh "fake buyers" with lowball offers who are plugging up the line, is it really a bad thing? As far as dictating the business at some point we all will just have to say no. It will take a while to diminish the influence of banks but this is not irreversable. I used to wonder why my great grandparents kept money in the mattress. Now I know why. In some countries in South America distrust of banks has reached epidemic proportions. We might be on our way to that here. 

I love the vulture picture! I think a picture speaks a thousand words.

Wow Bryant, I've represented clients on a few GMAC short sales and never saw that.  I will definitely be on the watch for it.  Thanks for sharing!

I cannot imagine they are firm on their stance, for just the reasons you stated.  101% VA buyer for example.  Also, they can ask for x-amount, but what would prevent the seller from asking for a default amount, too?

From the desk of David Dee,

BB, 2-3% earnest deposit AND non-refundable. Don't like the sound of that approval letter at all.

Bryant, I brought up the same point. What right does GMAC have to unilaterally (and they are not even a party to it) my listing agreement with my seller? We bail out the big guys and we are just trying to hang in there while they get bonuses. Most are adding fees and raising interest rates on credit cards and other loans. Now they want to dip back into the honey pot again. I have never seen such greed in this country. Reminds me of what my grandfather used to say about the Robber Barons of the early 20th century.

Next time they come to Washinton with their tin cups, maybe we should lobby to let them go broke. I for one have lost patience with their greedy attitudes and lack of cooperation. Are foreclosures or short sales any easier where you are? They sure are not here. If anything, from GMAC's example, things are getting even worse. I am at the point of saying "let them go belly-up"

PS GMAC now owns the second on my little 600 sq ft home. Wouldn't it be ironic if their greed caused me to lose it and since they are second in line after Bank of America, they ended up holding an empty bag. Haha. Would certainly soften the pain for me. Remember what the old joke was "What do you call a hundred lawyers at the bottom of the ocean"? Perhaps we need to change out lawyers and put in something else. No offense to lawyers, I have many friends in the legal professsion. In banking, not so many any more.

There are some great comments here....I was surprised to read Jamie's, stating that our E&O may not cover short sales.  That's worth checking in to.  I count my lucky stars that short sales are few in my area and pray that it remains that way.  

Neai- Comment #48 Please! You have got to be kidding! You ask why is the government not doing something about this? Do you think they really care about realtors? Or homeowners? No, sorry to break this news but the government and the banks are in bed together. They get together and the White houses say to the banks- oh, we have to make you look bad so in public we are going to slap some extra fees on you- but don't worry- you can pass those fees right along to your customers. The banks run the Federal Reserve. The government turned over their money printing presses to the Federal Reserve. The Fed Reserve is a private banking cartel that dictates to the government what they can and can not do. The banks control the world. It is a very scary thing of which Thomas Jefferson warned us about over 200 years ago. I guess some did not listen too well. Katerina 

This GMAC deal is a joke, and I think I will avoid these deals if at all possible.

Interesting stuff I wonder where this is heading with the banks!! I have little experience of short sales but seem to be hearing more and more about them here in NC

Thanks for the post Bryant. It does not surprise me what GMAC is doing. They have been bailed out with our taxpayer dollars and they just do not care. I have been working on a short sale for over a year now and have lost 9 buyers because the bank will not make a decision. There have been two BPO's both of which came in at the current list price yet they are unable to make a decision. I have sent them a new offer and have two more in back up currently and I'm still waiting.

I haven't seen a home that is that great of a deal for all of this drama! We'll just see how this goes however. I see a revision in their future.

Parked...

Obviously you forgot to park me.

TLW...ROAR!

They are further reducing their buyer pool but I can understand why they want this. They are trying to keep buyers engaged in short sales. The spirit is right, but the execution is questionable...We have many VA and USDA buyers that would never have 2-3% to put down. I hope GMAC doesn't have many deals out west in Nevada (HA! We know the answer to that one don't we? I wonder if this will become regional.)