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I understand you cant force anything and nothing is garenteed. However a realtor that can succesfully negotiate a short sale when their client is cash flow negitive due to buyers not paying is worth their weight in gold.
If all they are doing is putting your house up on the MLS and talking to a few people thats not really above and beyond. IF you are a super star realtor and you cant get a buyer AND cant get the banks to negotiate THEN you give the client a choice between writing a heafty check and taking a huge loss or doing a forclosure. You should be well versed not only in what bank COULD legally do in the way of deficiancy judgements BUT know what the odds are of a bank actually following through with it (assuming you live in a state that even allows it). If your client has assets and does not want to write the check you should tell them how to conceal assets before they fill out the short sale paper work so that they dont make themselves a target of a dificiancy law suite if they decide to go the stratigic forclosure route.
YOU represent your seller and you should be insulating them from all the nasty comments and crap that comes out of the banks mouth and just get the deal done.
These are the things you should be doing this day and age (maybe not 10 years ago) to insulate your client and make the process as smooth as possible. If realtors acted in the best interests of their clients then no one would ever quip about the 5% commission. If you build a reputation of never having a client ever have to write a check instead of telling potential clients they are idiots in a round about way or telling them to "buck up sonny" or what ever phrase you used you would have people knocking down your doors to hire you. People dont want to hear a morality lesson or all the ins and outs of the process or how hard it is, they just want you to get it done and they dont want to write a check that is what you are getting paid for THESE DAYS, maybe all you had to do 10 years ago was take a 2 hr exam and throw some pics up on the MLS but these days its alot more complicated. A great realitor will simply get the deal done with little loss or negitive exposure to the client.
Sure. And a good doctor will keep you healthy too, with all the medications & technology available to them. After all, no one wants to hear any of the crap about the negative effects of cigarettes, excessive alcohol, or a steady diet of high fat foods. A good doctor will get past all that, allowing you to eat & drink whatever you want, and never have to work out, and be in good shape.
My statement about doctors makes as much sense as yours about real estate agents. The real estate agent did not get you into the position of needing to sell the house when it is worth less than what you owe on it. The real estate agent cannot force the bank to forgive the additional debt. The real estate agent does not write the law that allows banks to both take the house and sue for the shortage (a ridiculous situation that should absolutely be changed, but that's a different discussion.) The agent's job is to market & sell the property, in exchange for whatever compensation is agreed when the agreement is signed. What you are required to do with the money after the sale is complete is really not his concern, nor is "concealing assets" from the bank. Legally, I believe that would be classified as a conspiracy to defraud.
Sure. And a good doctor will keep you healthy too, with all the medications & technology available to them. After all, no one wants to hear any of the crap about the negative effects of cigarettes, excessive alcohol, or a steady diet of high fat foods. A good doctor will get past all that, allowing you to eat & drink whatever you want, and never have to work out, and be in good shape.
My statement about doctors makes as much sense as yours about real estate agents. The real estate agent did not get you into the position of needing to sell the house when it is worth less than what you owe on it. The real estate agent cannot force the bank to forgive the additional debt. The real estate agent does not write the law that allows banks to both take the house and sue for the shortage (a ridiculous situation that should absolutely be changed, but that's a different discussion.) The agent's job is to market & sell the property, in exchange for whatever compensation is agreed when the agreement is signed. What you are required to do with the money after the sale is complete is really not his concern, nor is "concealing assets" from the bank. Legally, I believe that would be classified as a conspiracy to defraud.
Good call I just emailed my national senator, he is good about getting back with me on issues I raise. I believe we need a federal non-recourse law to prevent banks from stealing peoples futures. They repossesed their asset upon default and that is all they are entitled too.
Good call I just emailed my national senator, he is good about getting back with me on issues I raise. I believe we need a federal non-recourse law to prevent banks from stealing peoples futures. They repossesed their asset upon default and that is all they are entitled too.
Sure. And a good doctor will keep you healthy too, with all the medications & technology available to them. After all, no one wants to hear any of the crap about the negative effects of cigarettes, excessive alcohol, or a steady diet of high fat foods. A good doctor will get past all that, allowing you to eat & drink whatever you want, and never have to work out, and be in good shape.
My statement about doctors makes as much sense as yours about real estate agents. The real estate agent did not get you into the position of needing to sell the house when it is worth less than what you owe on it. The real estate agent cannot force the bank to forgive the additional debt. The real estate agent does not write the law that allows banks to both take the house and sue for the shortage (a ridiculous situation that should absolutely be changed, but that's a different discussion.) The agent's job is to market & sell the property, in exchange for whatever compensation is agreed when the agreement is signed. What you are required to do with the money after the sale is complete is really not his concern, nor is "concealing assets" from the bank. Legally, I believe that would be classified as a conspiracy to defraud.
It is far from a ridiculous situation.The bank is not your partner.
Since it doesn't share in the appreciation it should not share in the decline of the homes value.
A promissory note is a promise to pay back all of the money borrowed,not a promise to pay some of it back if things don't go well.
As I recall the home is collateral but the borrower personally guarantees payment in the promissory note.
It is far from a ridiculous situation.The bank is not your partner.
Since it doesn't share in the appreciation it should not share in the decline of the homes value.
A promissory note is a promise to pay back all of the money borrowed,not a promise to pay some of it back if things don't go well.
As I recall the home is collateral but the borrower personally guarantees payment in the promissory note.
The banks are directly or indirectly responsible for your loss of equity.
All markets go up and down.
The banks are responsible directly or indirectly???
I guess when lots of people lost their jobs because the jobs were outsourced
that was the banks fault.
The whole poor economy and increased unemployment was the banks fault as well I'm sure.
All markets go up and down.
The banks are responsible directly or indirectly???
I guess when lots of people lost their jobs because the jobs were outsourced
that was the banks fault.
The whole poor economy and increased unemployment was the banks fault as well I'm sure.
If they had not first loosened their lending standards they would have had MUCH less people with homes they could not afford thus less forclosures and less loss of equity. We would not have had builders and flippers stumbling over themselves to make more housing thus running the costs down. The whole thing was manufactured and NOT part of the normal eb and flow of the "market". No where in history has housing taken such a dramatic down turn since WW2, it was a nice even keep up with inflation curve not a wild penny stock volititity.
The banks manufactured the wild loss of equity with their lending habits.
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