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    Short Sale games and what to watch out for when wanting to view short sales

    Negotiating short sale listingsShort sale – a property that is going to be sold as a distressed piece of real estate

    It’s where the seller is wanting to tell their lender or mortgage holder, they want their permission to sell the home, condo or townhome for less than what it’s worth.

    This happens because of the agent they have hired to negotiate the short sale is making this process possible.

    This is not as simple as it may appear. The home seller will need to prove to their lender that they “need to sell” the home for less than what they owe due to some type of hardship.

    Strategic short sales also work out, even if the seller “doesn’t need to sell” they, (the bank, banks or lenders), sometimes approve these short sales.

    Divorce – Disease – Job Loss – Lay off’s etc, any change in their financial status will work.

    However, the short sale can be used as a way to starve off the foreclosure process.

    If the agent wants to use the short sale home as a “hook or lead generation” property, they can tie it up within the MLS and advertise it for sale.

    They can also have an offer they have received, that the bank is working on, but these corrupt agents delay the process by not being attentive to the bank’s requests.

    Sometimes, short sales don’t get approved in the best of circumstances.

    Sometimes short sales go the foreclosure / bank owned route.

    It seriously depends on the seller, their attentiveness and the agent they hired to negotiate the short sale on their behalf with their bank.

    Short Sales can sit, showing active, when they are not really “available” for sale.

    The agents, the bad agents, who are playing this game, are showing the short sale as being active, when they have an executed offer between the human seller and a real estate buyer.

    When your realtor, and if that is us, tell you the short sale is a “game” this is what we are referring to!

    The way the “bad” agents are able to do this without issue, is by falling back on the short sale verbiage contained in the “confidential remarks” within each short sale.

    “This property is a short sale – All terms, commissions, sales price, etc, are subject to lender approval.”

    While per the MLS(multiple listing service) rules, once the short sale seller signs off on an offer from a buyer, the agent should show the home as being pending or in back position, some don’t.

    Therefore, you will see a short sale advertised for sale, at a remarkably low price, after lots of days on market, but when your agent calls, the agent tells them the property is not being shown any longer!

    Make sure you are working with our SCVnest team at REMAX of California so we can run the proper interference for you and keep you safe from these games!

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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