Hi Folks. We had one of our members over at www.ShortSaleSuperStars.com post an article wanting to know if it was normal for Short Sale Agents to submit "offers" on their Short Sale listings just to get the ball rolling. The idea of course is to start negotiations with the lender by submitting an offer that may not be real, or it could just be a very low offer from an investor and, then substituting a real contract once a legitimate Buyer is found. In theory, this speeds up the process.
She used this Internet ad that she found as an example:
"WHY WOULD I USE YOU TO HELP ME RATHER THAN MY RELATIVE THAT ALSO HAS A REAL ESTATE LICENSE?
- Most banks will not stop the foreclosure process and start the short sale process until you have an offer on your home. We start the process by making an offer on your home. The key to a successful short sale is the BPO or Appraisal. The bank will determine what it will accept based on this number. Our team includes an appraiser and an experienced BPO agent that will provide the bank with this information and get the deal done." END OF AD
My opinion is:
There are many companies out there that do this. My opinion is that if you are a licensed agent then this may very well be illegal according to your State's licensing laws. If you are a REALTOR(R) then it is also my opinion that this is against the CoE. While this practice may work it is not one I condone. Why not just price the property right and get a valid offer from a legit buyer? Then get the deal approved and closed. We don't need to play games.
What say you?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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