Short Sale Power Hour

The whole group is available today. With F’ed up Friday on the schedule, Kevin, Fred, and Coach Collard would like to inform you about some other practices that are a little bit underhanded. So, today’s class can be valuable for the brokers that are doing stuff that could be considered shady and also for the professional that is attempting to do everything right, but might run into an broker that is not working with the best practices.

A member of Group 4610 was writing a fully executed proposal. The addendum allowed the other broker to accept multiple offers (while Group 4610 does not work that way, they sometimes run across other brokers that do) Still, there had been a earlier contract on this house that had been cancelled. So, it just needed to be reapproved.

One day after the contract was signed an addendum was sent over that states the the initial buyer wanted $3000 from the second buyer because the initial buyer withdrew from the deal. Because the second buyer has a fully executed contract stating that the initial buyer previously withdrew, the primary buyer is not owed any cash.

There are several parties working in their own best interest here. Real estate specialists, investors, and others caught up in this transaction are all attempting to capitalize on the cash to be made. While that is certainly tolerable, it does appear that the money is largely overriding the more essential slice of this deal, specifically, the house owners. From the outside looking in, there appears to be nobody looking out for the house owners greatest interest.

As real estate agents, we need to keep an eye on these stuff. At the end of the day, you aren’t really assisting the house owner because profitability should come after the home owner.

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