Las week I went to a class offered by our local title company regarding short sales. The class was only 1 hour long and although I know there is probably not much anyone can teach in one hour regarding short sales I decided to take the time out of my busy schedule to attend.
During the "class" the "instructor" did have a few good points for beginners - I was actually surprised of all the good points she was able to squeeze into the first half hour and I was impressed she was able to keep the class under control and not have questions every two minutes.
Then she said something that really bothered my - and I spoke up because I felt what she was saying was wrong - so I wanted to present it to those of your who also work short sales.
The instructor said that once you have an "offer" do not present any other offers to the bank even if they are higher then the first offer. I did not agree with this because on all of my contracts I always write subject to lender approval. My believe is that even though it is a short sale we still have the fiduciary responsibility to the seller - and especially with the potential tax liability to the seller. Am I wrong to submit all the other offers as they come in? This is what I have done in the past - is this a mistake on my part - or the laziness of someone who does not actually care about the seller?
The instructor rubbed me wrong on another point. This class was basically a way to get agents who know nothing about short sales to take the listings, pass them to this company and pay the $500 upfront plus 25% of your commission.
I had no problem with the 25% referal but I had a HUGE problem with the money upfront because when I asked the question if they seller did not qualify for the short sale would they get their $500 back they said "NO". I felt this was a scam to get money from desperate people who have no hope and will try anything.
I would love some feedback to see what you guys think!
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