Ridgewood Real Estate Blog

Short Sale Foreclosure Scam, Predators Lurking, Keep Your Sellers Safe!

I received this crazy letter. Make sure you read it. I wanted to share an experience I had today. I have been working on negotiating this short sale for the last few months. We had an offer approved by the bank and then the buyer backed out. We submitted a lower offer from a different buyer and the bank offered a counter offer. So now I know what the bank will accept for the home. My seller received this letter in the mail, thankfully she put me in touch with this person and didn't bother contacting him directly

Phony Letter to Homeowner 

About the letter

The letter is obviously copied, then the homeowners name and address is handwritten in. You can see that the address and name is in a little lighter color ink. She immediately called me and asked me to call him to see if he would purchase the property.

Response

I asked him if he knew anything about the property. Of course he didn't. When I asked him if he was interested to "buy" the property he asked me all kinds of questions about how much they owe, what the appraised value, etc was. I told him how much the bank was willing to take and of course he said that he wouldn't even think of offering an additional 15% less than that. When I was interviewing him, I asked him how many properties that he had purchased in the last 2 years he said two. Then he told me his "deal". He found an unfortunate person who was 4 months behind on his payments. He signed an agreement with him to sell him his house at a discounted rate. He was able to sell the property for a $75,000 profit, gave $25,000 to the homeowner and pocketed a tidy $50k for himself.

Outrage

This guy and his wife are using this letter as bait to get someone to call them and then try to work out a shady deal that clearly benefits this bottom feeder. I have worked hard to become a trusted advisor to people going through difficult situations. It really irks me how people like this guy feel they can rub some snake oil on the situation and profit so handsomely. I can sleep at night because I believe in my heart that we are helping people get out of their situation. The amount of time and effort it takes to market a home, collect the documentation and negotiate the short sale is no small order. I can tell you this, I have never made $50,000 on one short sale transaction. We are compensated through the brokerage fee. There are no shady liens on the property, no negotiation fee, no money under the table. I am a Realtor and proud of what I do. 

So take that Mr. Predator!

Has anybody else had enough already? Let me hear your stories and then I'll tell you more of mine. Believe me there are plenty.

 

Get Educated.  Get Empowered.

For more information on this or any other topic, call Sal Poliandro, Broker Associate, Realtor, Marketing Advisor,

Short Sale Specialist and CDPE, Certified Distressed Property Expert

ePRO, SRES at 201-957-7650, visit our website: www.BCHomeTeam.com 

Follow me on Twitter: @salanddawn

Sal can be reached by snail mail at RE/MAX Properties 82 East Allendale Road  Suite 4B Saddle River, NJ 07458

Comment balloon 63 commentsSal Poliandro - Bergen County Realtor • October 14 2008 10:33PM
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