Zillow Advice: Buying Process - Report an agent for not advertising a short sale, if the bank has approved the sale? http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ Zillow Advice | Zillow Real Estate The listing agent is not ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ The listing agent is not doing anything good for their seller. The seller is loosing time and the house can go to a foreclosure. Not stating if it is a short sale on MLS is most likely a violation of MLS rules. Thu, 16 Sep 2010 19:54:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-09-16T19:54:00Z it is a violation of the ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ it is a violation of the agent's mls policy for sure. Report to them at least, on mine, I simply click a 'report a violation' link, and fill out a comment box. Fri, 27 Aug 2010 17:46:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-08-27T17:46:00Z I agree regarding contacting ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ I agree regarding contacting the CVRMLS for guidance on the correct way that this should be listed. My feeling is that the short sale needs to be disclosed, "approved" or not. I've run into some agents claiming it is approved based on a counteroffer amount the bank sent to a previous buyer's offer that was not accepted by that buyer. By the time the next offer is submitted, the bank will still re-run their figures before making a decision on the "approved" price, so what happens if the numbers have changed and its not then accepted? The listing agent is going to be in a rough spot and a charge of misrepresentation is very possible I would think. Best to play it safe and disclose, disclose, disclose! Fri, 27 Aug 2010 17:41:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-08-27T17:41:00Z I believe that all shortsales ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ I believe that all shortsales should be disclosed&nbsp;in MLS. For that matter isn't our all business about&nbsp;disclosure disclosure disclosure!!!!&nbsp;That price approved by bank is NEVER 100% set -&nbsp;even if on paper - unless it goes through with the buyer that is preapproved on preliminary hud1 -&nbsp;BOTTOM LINE. I do many shortsales. I had an approval in writing last fall - closing fell apart. Gave bank same exact numbers (after marketing&nbsp;as approved shortsale - subj to final bank approval on MLS- to cover myself) &amp; today July&nbsp;12 we are still fighting investor for new approval!! With a negotiator! We just re-sent all new paperwork last week! And I could tell you many&nbsp;other stories. Bottom line again - one ever knows what the investor of the loan the ultimate decision maker,&nbsp;will do...Plus, listing agent is is doing her agency and self a disservice with&nbsp;commissio and seller.&nbsp;The bank needs&nbsp; to approve the&nbsp;final hud which&nbsp;depends on water/sewer taxes final #'s&nbsp;etc&nbsp;sometimes they cut comm from 6% - 5% or even lower in extreme cases. Too much risk and liability - if she is not the broker - I would be calling &amp; reporting to broker - she is exposing agency &amp; may not realize it.&nbsp;Unless this sale goes through perfectly - anything can happen with the closing as we all know! Some other tidbits: Having subj to shortsale approval/selling as is protects the seller and the agent from traditional selling situations.&nbsp;Buyer can do an inspection for eduction purposes. Agent can list selling as is. If this is not documents as a short sale &amp; the commission is reduced the other brokerage will get whatever the agent put in MLS if she did the field as a shortsale she can tag comm as paid by the bank will split. If&nbsp;bank drops commission comm she is liable to pay what she first put in when she sold house unless other brokerage agrees....I usually put selling as is, and under additional compensation subjection to bank approving comm will split 50/50 and always advertise subject to shortsale approval in remarks!!!! If it is approved and a buyer falls out. I put approved shortsale.....house description...subj to final bank approval , selling as is! I have had buyers argue with me about my list price with all the shortsale remarks. I hope I have helped. I think the agent is crazy she is exposing herself....and could lose a lot of commission and make the seller have to take money off if something comes up on a home inspection. We all know shortsale sellers are typically not in that postion. Mon, 12 Jul 2010 19:38:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-07-12T19:38:00Z Contact the MLS and let them ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ Contact the MLS and let them know.&nbsp; Most Realtor boards require that short sales need to be disclosed in the MLS no matter what stage they are in.&nbsp; Each board sets their own rules so inquire to know for sure.&nbsp; I wouldn't imagine that this is a state licensing violation, but rather a local rule violation.<br/><br/>Simon Mills<br/>Mills Realty Mon, 12 Jul 2010 18:24:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-07-12T18:24:00Z You can report to your local ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ You can report to your local Board.&nbsp; Most agents will keep the listing as a Short Sale, but add in the remarks that they have previously had an approved offer.&nbsp; It is important to know, as it can make the difference between 30-40 days to close and 6 months. Mon, 12 Jul 2010 18:23:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-07-12T18:23:00Z To be on the safe side, contact ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ To be on the safe side, contact your local board of realtors and see what they have to say.&nbsp; Whenever there is a violation, all you need to do is to provide the MLS# and the board will make the contact and ask for the correction. Mon, 12 Jul 2010 18:17:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-07-12T18:17:00Z Most banks are not approving ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ <p>Most banks are not approving short sales PRIOR to a contract so be leary of any realtor or home owner who states that it has already been approved short sale.&nbsp;<br/><br/>Bank of America, my lender, does not pre-approve a short sale.&nbsp; They want you, as a realtor, to list the home and then see what kind of offers you get.&nbsp; Once you have accepted an offer, you are to turn that contract in for approval from the bank.&nbsp; Bank of America's system for doing this is equator.com.&nbsp; Hope this helps!</p> Mon, 12 Jul 2010 17:45:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-07-12T17:45:00Z Probably not a violation, ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ Probably not a violation, but you need to bring this question to your state's board to know for sure. Mon, 12 Jul 2010 17:37:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-07-12T17:37:00Z Please contact the appropriate ... http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ Please contact the appropriate real estate licensing board for answers to the type of question you have posed!<br/>Jim Ryan, HSOA Mon, 12 Jul 2010 17:28:00 GMT http://www.zillow.com/advice-thread/Report-an-agent-for-not-advertising-a-short-sale-if-the-bank-has-approved-the-sale/357453/ 2010-07-12T17:28:00Z