All Forum Posts by: Mauricio Hernández

@K.Marie, thanks. If she agrees to cancel is there any document I would need to get back as a proof of aceptance of my cancelation? after cancelation would I get in trouble if I dont report her to the state? i want to report her, just not now because i dont want that to have repercution in my personal or family matters. I will wait to avoid any bad blood.

@ Joel , I haven't signed any HUD contracts yet and I won't sign anything that doesn't disclose the truth. I just signed 2 offers to 2 different properties for the banks to review them, but at this point I want out of the deal and not be involved with this type of agents.

@ Bill Gulley, can I just call the agent tell her I don't want to proceed with the transaction because of the legality of it an be out? Then later in a separate action call the state. I don't have any docs on the last offer as she forgot to bring 2 copies to the viewing. I just want out and later I will decide about reporting her. I understand that friends don't do that to friends. I wish she would it warned me straight out that cash out of escrow in short sale was a crime and to do it at my own risk, but she didn't. I'm hesitant about reporting her just because I somehow know her.

thanks all for replying.

The offers where written and signed last week. I didn't know it was illegal and nevertheless a crime to give cash bonuses outside of escrow (call me naive but It was painted to me like that's how is done now a days and is not a big deal I thought it was more a matter of ethics on the agent part) until I commented the situation to another realtor yesterday and she told me it was fraud. I haven't sign any affidavit yet only an offer and I will never sign an affidavit that does not represent the truth. ( I didn't know about the affidavit until searching the internet yesterday) I want out of the deal and retract my offers, I'm am not planing to commit any crime nor fraud. Is it too late for me to cancel my offers. Agent told me that the price on one of the properties has been already approved by the bank to another seller that bailed out and I should get a quick approval this coming week. That why I want to cancel it today since I don't want to be a part of this. Can I still cancel all my 2 offers?

@bill gulley, your advice is correct but the issue for me is that this agent is someone I know (my sister friend) and she knows my family. So I can't bring an undercover to put her in jail. The most I would do is an anonymous call to the authorities.what I definetly want to so is get out of this deal immediately.

Let me know if you have anymore advice.

To give you some background. In June I sold a commercial property that I owned for 10 years and I decided to use the equity to invest it in flipping houses. I have yet not found one property that would take my offer as it easy to see that most of the shortsales go to the pocket buyers and that is why I thought this is normal practice. I have 4 agents working for me but so far nothing. If there is any advice of how to successfully find house would like to hear, I am trying auctions, offers on shortsales,etc

Thanks

Hi I am new to this site and I'm in need of advice. I have been contacted by an agent letting me know of two of her shortsale listing that she guarantee the owners will take my offer. I went to see the houses and submitted offers on both properties according to the agent recommendation and listing price. She later I informed me that if the bank accepts the offers I would have to pay $5K finders fee to her and $6k move out fees to the seller in cash and outside escrow. Also I found out when signing the offer that she is not representing me and only representing the seller. When asked her about it she says that she is letting a colleague representing me to avoid the bank reducing her commission if she would represent us both. I didn't have a problem doing any of that until I found out by talking to another agent that paying cash out of escrow is consider fraud in a shortsale transaction. So I'm ready to call her on Monday and cancel the deal.

On the other hand both are very good deals if the banks actually accept the negotiated purchase price. I'm wondering if there is any way I could continue with this transaction in a legal manner by asking her to disclose the finders fee and buyers fee in the contract. Also by searching in the internet I found out that agents manipulate the acceptance of the offers in order to make the deal happen. How could I find that out? I'm sure that if I asked I won't get a straight answer.

Please advice if there is anyways this deal can happen with out breaking the law or what should I do at this point.

I have been looking for my first property to flip yet.

Thanks,

Mauricio