Short sale investors referred to as organized crime groups by Fannie and Freddie???

[Manny Cirino]

So I like to ready different real estate article on a daily bases from forbes, yahoo, msn, realtor.com etc... Today I came across the most ridiculous article! It simply states that Fannie and Freddie see short sale flips as mortgage scams and that the group of investors, realtors, appraisers etc... That partake in these transactions are organized crime groups. WTF! Sorry for my language by it's crazy how Investors are clearing the lending industries mess and are being seen as scam artist because the profit in one deals is higher than a school teachers salary. Here is the link I would love to here everyone's opinion on this article.

http://realestate.msn.com/more-short-sales-bring-new-scam-flopping?wa=wsignin1.0

[Shari Posey]

I think many of you are trying to convince yourselves it's o.k. to make an offer directly to the listing agent, most likely promising the listing after you rennovate, when you know there are higher offers on the table. You are taking advantage of an unethical real estate agent and most likely a seller who is in the dark about the process of short selling (uneducated, scared, trusting their agent, etc.). I think you are also benefitting from a very broken system.

Years ago when I was doing my first short sale I spoke to another agent who gave me some pointers. The first thing she said is to list it low and double end it. I told her I didn't think that was the right thing to do and she bascially called me stupid for not doing it. I've had plenty of investors contact me asking me to represent them and tell me how much discount they want. I tell them I'm happy to represent them but, I've got higher offers. That's the end of that.

Almost every time you see a low short sale comp you'll find a double-ended deal and an LLC buyer. I'm not talking about total fixers that have to be sold for cash. You can justify it any way you want but you know there were higher offers, many probably from qualified buyers. Here's the thing though, does the government really care? No--the powers that be have turned a blind eye for 3 years now. Do the banks really care? No, they are busy figuring out ways to pull their head out of their ***. So while the economy and house marketing struggle to rebound...Laissez les bons temps rouler...Let the good times roll!

[Tyler Small]

Originally posted by Manny Cirino:

So I like to ready different real estate article on a daily bases from forbes, yahoo, msn, realtor.com etc... Today I came across the most ridiculous article! It simply states that Fannie and Freddie see short sale flips as mortgage scams and that the group of investors, realtors, appraisers etc... That partake in these transactions are organized crime groups. WTF! Sorry for my language by it's crazy how Investors are clearing the lending industries mess and are being seen as scam artist because the profit in one deals is higher than a school teachers salary. Here is the link I would love to here everyone's opinion on this article.

http://realestate.msn.com/more-short-sales-bring-new-scam-flopping?wa=wsignin1.0

That not at all what the article says, imo. You should up your reading comprehension skills. What the article describes is akin to insider trading in the stock market.