Short sale question...

[TexasHorseLady]

Originally Posted by TampaKaren

If your "offer" is a written contract, I'd suggest you have it reviewed by a real estate attorney as soon as possible.

I second this. And make sure you tell the attorney everything, including the "under the table" comments.

[shellytc]

not only should you back out, but you should report that agent to the states licensing dept and to his local RE Board.

A short sale is a sale of a home by the home owner, with approval from the bank to not go after the owner for the definciency. That means the seller/owner is HAPPY to sell the house and NOT have a foreclosure on their name. you do not have to BRIBE them to move.

Now, if the home is not sold as a short sale, and if foreclosed on, then the owners can "squatting" in the home.... this is so fishy, my nose is hurting.....

And get yourself your OWN agent, to look out for your best interest....

PLEASE, report this scumbug real estate agent.

shelly

[Elke Mariotti]

I agree with the different replies to your post.

First off, especially in this market, I don't advise making an offer and entering into a contract on a house when your own is not even in contract unless you're a) financially able to carry two mortgages and b) able to qualify for carrying two mortgages.

Next, to your real question: The audacity of this RE agent is mindboggling! He's basically asking you to become an accomplice in defrauding the lender! In a short sale, the lender agrees to accept less money than is owed, with the clear understanding that the borrower/seller receives no monies whatsoever as a result of the transaction.

What is happening here is both ethically and legally wrong and I agree with another poster - this agent needs to be reported, not only to the broker but to the local licensing agency, possibly even NAR, if he is a member (a "Realtor"). This kind of behavior is part of what gives the rest of us a bad name!

[Rakin]

Makes me wonder if the sellers agent is related or a close friend of the seller. Why would anyone that likes their license risk losing their lively hood over such an issue ?