Listing Agent Is Lying

I am trying to overpay for a property that is set to foreclose. The seller is the listing agent. I have recently learned that she is trying to make a commision on the deal after my agent cut hers to help the deal work. Is this fraud on the listing agents part since she claimed to not be taking a commssion? I am willing to pay the appraised value of the home which would satisfy the 1st and 1/3 of the second. Can I cut the selling agent out and deal with the lenders?

[ Edited by ajordan9 on Date 10/02/2008 ]

Comments(12)

  • ajordan92nd October, 2008

    Any advice?

  • TheShortSalePro3rd October, 2008

    In the end, it will be the 2nd mortgagee to set the permitted commision paid from proceeds.

  • smithj23rd October, 2008

    Why are you trying to overpay for this property.

    JS.

  • jackbenimble22nd September, 2008

    Help me understand.. Is the bank asking for 2-300k more than their appraisal? If so, what does 2-300 more mean? who told you that info the banks mitigator? that is a broad number. Did the lender tell you the house appraised for 700k or the appraiser or ? Finally, who is the lender?

  • deberts22nd September, 2008

    The $700,000 was from the mediator and then the $700,000 was increased to $950,000 by the bank.

    Option One.

  • rglover54822nd September, 2008

    "The $700,000 was from the mediator and then the $700,000 was increased to $950,000 by the bank."

    Guess they dont want a short sell, its their money? Im sure they know it will stay on the market. So whats the problem with that. You dont lose anything.

  • jackbenimble23rd September, 2008

    Email me with your contact info, I can help.

  • deberts23rd September, 2008

    Thanks
    [addsig]

  • Mortgage_Guy_Tampa9th October, 2008

    Update. I just searched County Records and a Lis Pendens was filed on 10/7.

    Any effect?

  • ShortSaleGuru9th October, 2008

    first and foremost, there is no reason to wait for the BPO to list a property. the sooner you get people looking at the property the better!!

    secondly if i understand you correctly, you are trying to purchase the property from the lender at a discounted price to flip it around and sell it for more than you purchased it to a predetermined buyer, correct? (if yes ignore the above paragraph)

    thirdly, if so, i have seen many instances like this where the lien holders have come back against all parties involved with a loan fraud charge. Be careful and ensure that all due dilligence and fiuciary responsibilities are met.

  • jackbenimble10th October, 2008

    Why would you not get a deed and record it immediatley?

  • Mortgage_Guy_Tampa10th October, 2008

    Thanks for the info.

    If I record the option will that serve its purpose just like getting the deed. And what the heck is getting the deed? Do I have them Quit or Warranty deed it over to me?

    Also for seasoning. A conventional loan does not require any seasoning. I see this alot out there and it is incorrect. For FHA you need 90 days on title but not convetnional.

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