Re: Short Sales and how to work with those buyers!
Actually, I probably should not have ranted too much on the last post but the short sale thing brought up something that happened with an offer we put in on a property from an agent that did not know what they were doing.
It turns out that the seller (after the offer was submitted) signed the title over to a loss mitigation specialist and the listing agent (without permission) forwarded our offer along with all of our long time investment buyer's information (including proof of funds) to the loss mitigation specialist.
Key words here are long time true investment buyer (since 2001) and Proof of Funds. Luckily, this particular client tells me everything that somebody pitches to them for advice so I did not completely freak out when I found out.
At first, I was extremely upset that my clients information was shared with a third party (obvious agency violations). But...
It turns out that after calling this loss mitigation specialist that I find out they are also an asset manager so I got the direct phone number for an asset manager (who is also an Attorney that used to work for a bank) with thousands of properties they are handling.
Luckily, this particular client was very cool with the situation that happened. However, I have another client that would have absolutely freaked out and would have had their Attorney all over it.
Bottom line -- you better know what you are doing in these transactions or have a very good baby sitter (sales manager or managing broker) before getting involved in these transactions.
There is a lot of liability involved so don't take them just to take a listing.
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