The litigation train is coming to visit Metro Detroit real estate agents

Are you going to get run over or are you smart enough to be standing on the side of the tracks.  For all the real estate agents that are doing Metro Detroit short sales and not getting a release of liability for the deficiency for their sellers they may be in trouble in the future.  I am amazed at how many Metro Detroit real estate agents that are not doing this.

Banks like Bank of America is not giving those deficiency release letters out.  It’s their policy not to give them out.  So that means sellers can be on the hook for the difference between sales price and the amount they owe.  If your client gets a bill from their old bank for $40,000, $50,000 or $100,000 who do you think they are going to come after.  THE REAL ESTATE AGENT OF COURSE.

I think they are going to go after the Metro Detroit real estate agent that didn’t look out for their best interests.  An agent that didn’t do their job.  An agent that didn’t cover all the bases for their client.

If you are gambling that the bank won’t come after your client because of the past history you may have a big lawsuit coming your way in the future.  I think the amount of money you make on 5 Metro Detroit short sales may not cover the cost of one judgment and legal fees.

So if you:

  • can’t get a release of liability from the mortgage holder for your client
  • you don’t you advise your client of the potential liability
  • you don’t have your client sign off that they are aware they could be deficiency judgment against them

YOU AREN’T DOING YOUR JOB AS A METRO DETROIT REALTOR OR A SELLERS AGENT.  IT’S YOUR JOB TO LOOK OUT FOR YOUR CLIENTS BEST INTERESTS NOT YOUR POCKET BOOK.

The litigation train may be coming will you be run over by it.  That just my thoughts.  I honest don’t know why sellers do short sales anyway in some cases.  Their credit isn’t saved if the seller has been late on payment more than 3 months.  A foreclosure and a short sale both are bad on your credit report.  So why take a chance of owing a bank long after you do a short sale.

Russ Ravary your Northville real estate agent serving Wayne, Oakland, Livingston Counties and a little more.

SUMMER SUN!

Waterfront Homes for sale in Walled Lake Michigan

Summer!!!

Woodland Lake Brighton Michigan

Andover Lakes – Plymouth Township neighborhoods

Top real estate agent in Commerce Michigan

Best lakes in Oakland County MI 

Homes for sale in Bloomfield Township MI

Previous 1-50 of 207 Next
Previous 1-50 of 207 Next
Posted in Foreclosures, investment properties, landlord, Seller Tips

Search Homes

Untitled

 

The data relating to real estate for sale on this website comes in part from the IDX program of Realcomp. Real estate listings held by brokerage firms other than Keller Williams Realty Commerce Market Center are marked with the IDX logo and detailed information about them includes the name of the listing brokers.


All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Keller Williams Realty Commerce Market Center shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.