All Forum Posts by: Sandy Blanton

Short sell it, bring cash to close to get rid of it without selling short, pay the bank's insurance premium. Those are the three most logical options I see.

Bill Gulley Uh hum...real live real estate BROKER in this here thread:) Just for the record.

Lots of strong opinions on this issue. Interesting.

Some things I concur with: there are lots of "idiots" in the mortgage biz, but I add "at least as many" in the "agent" biz.

Fortunately I never see sellers declining an offer simply based on the lender's company name. But I did see it back in '07 when the mortgage companies were crumbling to the ground: we had pre qual letters from virtually every lender that were worthless for a multitude of reasons.

Jon Holdman What Jon said, that was my first thought. My 2nd: hire a property manager and save yourself from Your Self. You've demonstrated you can't be trusted to be a property manager.

In Florida we could have them dragged out by the Sheriff in 22 days or so. I have no idea about the CA laws.

On that note, I've screwed up big myself before. Damn and good luck. *sigh

Sell it, realize the only true "free capital gains" income the tax code allows. Steven Hamilton II is always right on the taxation rules. The amount of grossly wrong tax/legal advice passed out is insane. Go find another primary residence, buy cheap, sell high again in another two years. Rinse, repeat. Lifetime of tax free income. I'm starting to do such a program myself starting the end of this year. IMO:)

We have two heavy HML guys in our area. The last deal I put together with them, they wanted no more than a 50% LTV. One did do a 60% deal for an repeat/experienced borrower of his.

Virtually no listing contract contains an out for a seller for "contingencies." A ready, willing and able buyer offer can include a financing/inspection contingency. I've never seen a listing contract address contingencies of any type. IMO and experience.

In Florida, and I'm sure all if not most states, the buyer agent has zero right to pursue a commission from a seller. Only the listing broker can do this as he has the contract with the seller. IMO:)

Interesting quagmire. I have no idea, but curious to see responses. Damn.

If I were you, I'd do my best to get that buyer ticked off at the seller and buy another unit. Tell the buyer to imagine the trouble they're going to have to deal with working with such a difficult seller/seller's agent when the transactions not even accepted. This is a red flag to me. I don't do buyers period, but if one of my buyer agents came to me with this, my strategy would be such.

Ask the agent to send you something saying it's cancelled. Check your listing and see if there's a cancellation fee. You may have to pay it. No agent in their right mind is going to try to force an unwilling short seller to play. Call on the agent's broker if no response. Approach broker calmly and ask for help. IMO:)

"LIABILITY..." A term screamed by brokers out of irrational FEAR. I've been a Realtor for 20 years, a broker/investor for 10 years. I know every broker in my area. In my 20 years, how many brokers do I know that have EVER been sued for ANY reason? None, nada, ziltch. Ask yourself and every broker you know: who do you know that's ever been sued?

Being licensed and being an investor is the best of both worlds.

IMHO:)