Posted by DJ-nyc on June 21, 2011 at 09:43:16:
Yeah, sounds like the Sellers quit claimed the house to someone to “stall” the foreclosure. “jam up” the foreclosure proceedings for more time in the house. Yeah, its ugly out here for sure. I would move on to the next house as I would be unable to trust this Realtor and the Seller for the same reason you posted, Ethics. If you have time you could pursue a complaint against the Realtor, I personally would just move on. DJ-nyc
Ethics Issue w/ Short Sale? - Posted by Paul
Posted by Paul on June 19, 2011 at 11:46:51:
I’m a longtime lurker here and enjoy reading the discussions on investment opportunities. I realize my question isn’t related to commercial real estate, however, I know there are some extremely knowledgeable folks here and I appreciate any input!
Last December, my fiance and I put in an offer on a short sale that was accepted by the seller and sent to the bank for approval. The home is a townhouse in Northern Virginia. We heard back from the bank relatively quickly, within a month, and were told they had countered our offer with a higher amount. We immediately agreed to it and began the wait for approval.
Six-months have gone by and we have not heard a word from the listing agent. Our Realtor leaves him phone and email messages once a week and we have yet to receive a single response. This past week I found out that the owners of the house filed a quit-claim deed with the county on April 12. I also found out that the listing agent has the same last name as the homeowners, however, he has used it on very little of his marketing materials, os we never knew of the possible relationship until now.
We’ve believed all along that there was something fishy going on with this transaction, and that the Realtor was perhaps helping the family to stay in their home longer. I have no problem with people wanting to keep a roof over their heads, however, if this is the case, I think the Realtor may have engaged in some ethically questionable behavior.
I’ve read about quit-claim deeds and don’t fully understand how they work of how this one may have benefited the homeowners. Would some of you knowledgeable folks give me an opinion on what we’ve experienced here and what the Realtor and homeowners may have been up to this whole time?
Your time is greatly appreciated; thanks!