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Short Sale Scams in the Dayton, OH area
There are so many home owners in financial distress in the Dayton and surrounding areas that it is just sad that this is even a problem… Unfortunately as a short sale expert I have to see the effects of what being mislead can do to a seller in foreclosure.
What is a Short Sale Scam?
There are really two kinds of short sale scams in my opinion…
OK, Short Sale Scam #1
This can be the most harmful situation of all… taken to the extreme the home seller is cheated out of even more money and the home still ends up in foreclosure. They home owner things they are paying to stop foreclosure and may just be being taken. What are some of the scams I see…
Short Sale Scam #2
This is one of the most frustrating for me as true real estate professional and someone that takes my profession and the necessary education very seriously. I have spent thousands of dollars and weeks of time in education classes making sure I and my team have the knowledge necessary to take good care of our clients.
What happens when an agent tells a home owner in distress or foreclosure they can help when they really don’t know what they are doing it not only giving them false hope but they are also violating the Realtor code of ethics, if they are a Realtor. The code of ethics says they we are Realtors should not practice in an area beyond our expertise. Just as I will not sell a 40 story office building (while legally I am licensed to do so) they should not be doing short sales until they get the necessary training. And, NO that does not mean taking a 3 hour class in their office or that they “did one” 3, 4 or 20 years ago… Things today are so dramatically different then they were even 3-4 years ago. The mortgage crisis has banks utterly buried under mounds of short sale files…
Short Sale Scam #3
This is slightly different that #2 in that they may actually be able to handle some of the easier transactions. Not that there are really ANY EASY transactions when it comes to short sales… but maybe then can do it if they only have a few listings and a lot of time to make mistakes. This is not the agent I would want handling my serious financial problems. Worse yet, since they “don’t know what they don’t know” they won’t really even know when they are in over their heads… What will they do with an FHA loan, what if the appraisal or BPO come in too high or too low… how about seller counseling? Need to get a variance? Can the buyer ask for closing costs, repairs, home warranty etc? Do they have contact at banks and other institutions they can fall back on to answer questions and overcome problems???
How to avoid a Short Sale Scam…
My best advice is to call me directly or submit a form here on our site… If you are in the greater Dayton or Cincinnati area we may be able to help you directly. If you are beyond our service area we will help locate a certified professional that can help you.
I hope this helps, please call me with any questions.
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Posted on March 15th, 2009 by Mark Ryan
Thinking of buying a HUD house?
Dayton, Ohio real estate can be a great buy…
If you are looking to buy a home in the greater Dayton Ohio area then buying a HUD home or foreclosure may be something you want to consider. This is not something that you should do without thinking it through before you buy however. Buying a HUD home or foreclosure is not something that you should just wake up on day and say I’m going to buy a HUD home or foreclosure in the Dayton area today… Buying a foreclosure or HUD house is different than buying a “regular” home…
of buying a HUD house or Bank owned / REO in the Dayton area.
Con’s of buying a HUD house in the Dayton area.
So, should you buy a HUD house in the Dayton area at all?
Well, I think you should consider buying a HUD house or foreclosure if you are looking to buy a house in the Dayton area. They can be a great deal. What we tell our clients is that when dealing with HUD and bank owned/REO/foreclosures is that they are most likely going to get a deal… with that deal comes headache… The bank or the government does NOT care about your deadlines… They will however penalize you if you miss one of their deadlines…
So, yes buy one but go into it with YOUR eyes open… understand that with a “deal” comes some trouble too.
Good luck and remember we are certified experts in dealing with HUD and bank owned homes or REO. Please feel free to call us for help. We are happy to work with you.
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Posted on March 13th, 2009 by Mark Ryan