What is your strategy for short sales in a HOT market?

[Will F.]

I'm in a hot market LA area. Well priced homes sell within a week or less on market.

I've made tons of cash offers over the past year on houses that will end up pending within 4-5 DOMs (days on market),

For instance of the houses in East LA county was a short sale 3 DOMs. The fax number does not work, the phone number has a voice mail that is full and they say text inquiries only, but do not even list the cell number.

It seems like the listing agents are purposely trying to not get offers. I'm guessing they have cash buyers that they can either double end the deal with or are trying to pocket list it to friends/ their own buyers.

Isn't this unethical? Shouldn't they represent sellers (even if it's the bank) and try to get the highest offer.

Right now we're offering these listings all cash as well with low contingencies. They always end up selling to someone else for whatever reason or the agent claims they are pending already even though it doesn't say pending on the MLS.

Does anyone have tips? Should I just contact these active short sale listing agents and have the double end the deal for me or slip them cash under the table which is what I'm guessing they are likely doing with their pocket investors.

[Patrick L.]

If the agent already has a buyer for the listing before it's listed there's not much you can do. The agent's duty is to the seller, not to the bank that holds the mortgage. If they are able to get the deficiency waived then all most sellers care about is getting the deal closed not how much it sells for.

Network with as many agents as you can and tell them if they bring you a hot deal they can have both sides. The time to do this is before these properties come up.