have you ever experience a bait and switch on a short sale?

[Dave Carella]

House on market and MLS for 175k. my cash offer of 175k is accepted. house under contract with nothing unusual from the bank. 2 months later bank counters offer at 220k WTH???? This is totally unethical and bait and switch tactic. how can you put a house on the market then ask for 45k more?

[Mike Cumbie]

@Dave Carella

"LOL. Then why put it on the market, then do a analyst? its BS. its wrong and its a waste of my time which has a value."

Which is why most agents always try and explain in detail what a crapshoot a short sale is. I know MANY agents that flat out refuse to buy or sell them. The reasoning..... When the bank changes their mind or decides they don't want to answer for months and months who does everyone remember? The agent.

A short sale is pretty much this in a nutshell

1) Buyer is in trouble and sends hardship to bank

2) Agent does analysis and comes up with price (Which is of course lower than what is owed to bank)

3) Bank says, go ahead and put it on the market

4) Somebody looks at house and puts in offer

5) Seller accepts any offer that comes in because they want out (regardless of how much the bank loses)

6) Bank takes weeks/months to pay for their own evaluation, look at how long on the market, run an internal appraisal, look and do a cost benefit analysis on the loan and property

7) Bank accepts/counters or denys the offer (provided they decide to do anything at all and not just foreclose on the original borrower and take the house themselves)

I have it happen monthly.... "we want 123 Main"

"It's a short sale, do you know what is entailed and the odds of actually getting it are slim (long explanation of the process)"

"We don't care it's perfect"

Then for 4 months I get calls with the frustration building as the time goes on, my answer is the same

"The bank has said nothing yet, we are still waiting. I tried calling and got the same run around I always do"

Then about month 6 while they are talking to people at a local event

"Mike sucks, that guy couldn't even get us into this house we were ready/willing and able. He is lazy and does nothing. That thing is still sitting there with boards on some of the windows now, I will never use him again and I recommend if you want someone who actually knows what they are doing call my sisters friend Cheryl, she just got her license and she is so good"