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Cari Del Prado

Short Sale Nightmare!

By: Cari Del Prado
Friday, May 18, 2007 8:49 AM

I have an interesting TRUE story for everyone.  I had a home under agreement, which I listed, that needed some extra TLC before closing.  The seller was short on cash so they went the route of a "short sale" through a mortgage company in CA.  Through the normal process my clients were approved and the property finally closed.  This is where is gets rather frightening........

 

The evening of the closing I had a call come through on my cell phone and it was the mortgage broker who handeled the short sale.  He claimed, "I pushed through the approval so I will call you later tonight with my home address and I want you to mail to me $1500.00...........at first I didn't respond, how do you respond to this kind of shocking behavior??????  I pride myself on being reputable, honest, and try everyday to exhibit integrity.  I think I was in shock, or at least, disbelieved my ears.  The mortgage broker(associate) said he would call back later.  I simply made an affirmative sound and disconnected.  I immediately telephoned the senior vice president of this company, whom I had had conversations throughout the approval process, and explained what had just transpired.  He said he would take action immediately.  I expressed concern to make sure the closing papers, etc. were processed before he took action because it took so long to get my property to this point.   And then this happens at the very end!!!

The following day the VP telephoned and assured me the "gentleman" had been fired and he apologized for any distress the poor judgement caused me, but I am left feeling........How many other people did this person claim if they didn't send him a money order for X amount he would stop the apporoval, etc.

I NEVER want to relive this nightmare and keep faith that most people conduct themselves according to the rules, laws, and with the utmost integrity.

Agents beware of this type of behavior!!!

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Comments

Nancy Agee Tanas
Member Since '06

Nancy Agee Tanas said:

Hooray for you Cary! If more do respond the way you did, there will be less of that kind of behavior. The reason the broker did it is probably because it had worked before. I had one threaten to report me to my local board because things were not going her way and my buyer caught her in several lies and moved her loan. I told her go ahead & it never happened. I don't think she is around any more either.

May 18, 2007 7:19 AM
Gregory Bain
Member Since '03

Gregory Bain said:

Cari, isn't that title a little like "hot water heater"? Redundant!

May 18, 2007 7:36 AM
Bill Thompson, REALTORĀ®
Member Since '07

Bill Thompson, REALTORĀ® said:

In Texas, and I am sure most states, we are not allowed to split commissions with mortgage brokers or other nonlicensees (RE licnese). He asked you to break the law. I would tell him, "Sorry, I will not lose my license for you. I am sure he has some sort of license law he has to follow. Report him!"

May 18, 2007 8:28 AM
Todd Clark
Member Since '06

Todd Clark said:

That is scary Cari,

I can't believe that their are still that many scums still left in the industry. I'm glad you got them fired and I would probably report him to the Attorney General of your state and see if you can get him prosocuted! That is what he deserves, I'm sure he has done it before.

Todd

May 18, 2007 10:04 AM
Jacque  Howard/Marketing Specialist
Member Since '04

Jacque Howard/Marketing Specialist said:

Unreal. Some people have NO ethics. You did the right thing! I am glad he was fired.

May 19, 2007 12:12 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

Mortgage brokers in Cali have to have a RE license, correct?

What is the status of his license, I wonder? Or is he free to roam the state as before?

May 19, 2007 12:15 PM

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Cari Del Prado
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Cari Del Prado
Member Since '07

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