{"id":3060,"date":"2008-05-05T20:54:08","date_gmt":"2008-05-06T03:54:08","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3060"},"modified":"2008-05-05T20:54:08","modified_gmt":"2008-05-06T03:54:08","slug":"arizona-short-sales-who-are-you-working-for","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3060\/arizona-short-sales-who-are-you-working-for\/","title":{"rendered":"Arizona Short Sales: Who Are You Working For?"},"content":{"rendered":"

I, like some of you, have just received the AAR’s May newsletter, in which Christopher A. Combs, AAR’s\u00a0“legal hotline” counsel, provides a legal treatise on a contractual issue regarding short sales in Arizona.\u00a0 I direct your attention to Exhibit A<\/a>\u00a0(page 11, dab-smack in the middle of the page).\u00a0<\/p>\n

In this article, Mr. Combs Esq. indicates that a “short seller” can accept as many offers as they can possibly get for their home, but that only the first one is “active,” will all subsequent offers\u00a0being in a “back-up” position.\u00a0<\/p>\n

Now, to me, what this means is that the first offer I get is the “active offer,” and only that offer can be sent to the lender. Any subsequent offers will be on hold, unless, and until, something goes wrong with the first offer.\u00a0 If the buyer flakes out, or the lender rejects the first offer, we then send them our “next in line,” and hope for the best.<\/p>\n

The way I see it, this is a clear breach of my fiduciary duty to my client. My duty is to sell the client’s property. Now, because of the nature of a short sale, my client, in fact, has very little to do with the process. He could care less how much I sell his property for, as he really has no control over whether it sells or not. Is it not in the best interest of my client to “accept” any and all offers, as they come in, and submit them to the lender, and let the lender decide which one, if any, they will accept?\u00a0 By dragging out the process of “oh. . .you don’t like that one? Let me send you this one. . .,” am I not doing even more damage to my client’s credit? Am I not to act in a timely manner, and get the most money for my client’s property as I can, so that we have a greater chance of getting the deal done?<\/p>\n

This nonsense from the legal hotline seems to hamstring me while trying to perform my fiduciary duty to my client. The only remedy I can see Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I, like some of you, have just received the AAR’s May newsletter, in which Christopher A. Combs, AAR’s\u00a0“legal hotline” counsel, provides a legal treatise on a contractual issue regarding short sales in Arizona.\u00a0 I direct your attention to Exhibit A\u00a0(page 11, dab-smack in the middle of the page).\u00a0 In this article, Mr. Combs Esq. indicates […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[150,151,81,149],"class_list":{"0":"post-3060","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-general","7":"tag-arizona-foreclosure","8":"tag-arizona-foreclosure-law","9":"tag-arizona-foreclosure-statutes","10":"tag-arizona-short-sales","12":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":15110,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/15110\/sevrar-puts-the-brakes-on-armls-ber-alles-at-least-for-now-arizona-wide-mls-hits-a-roadblock\/","url_meta":{"origin":3060,"position":0},"title":"SEVRAR puts the brakes on ARMLS \u00fcber alles, at least for now: Arizona-wide MLS hits a roadblock.","author":"Greg Swann","date":"September 15, 2011","format":false,"excerpt":"I wrote about this in July: The Arizona Association of Realtors wants to buy ARMLS, the Phoenix-area MLS system, in order to create a statewide MLS. This looked like the kind of sleazy insider self-dealing we have come to expect from Associations of Realtors, so I had assumed it was\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2723,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2723\/a-deficiency-judgement-in-arizona-not-likely\/","url_meta":{"origin":3060,"position":1},"title":"A Deficiency Judgement? In Arizona? Not Likely.","author":"Allen Butler","date":"March 8, 2008","format":false,"excerpt":"Hello again! Have\u00a0clients asking\u00a0you about short sales? I know I certainly do! In fact, it's become a big part of my business. In fact, I am conducting short sale negotiations for 3 different REALTORS, as well as 5 different clients. Unfortunately, a lot of questions have arisen lately about Arizona's\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":680,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/680\/amazingly-low-foreclosure-rate-at-a-two-year-high\/","url_meta":{"origin":3060,"position":2},"title":"Amazingly low foreclosure rate at a two year high . . .","author":"Greg Swann","date":"November 25, 2006","format":false,"excerpt":"It's Saturday, the Arizona Republic's favorite day to piss on the real estate market. Today ace reporter Catherine Reagor informs us that foreclosures are up. \"By how much?\" you ask. You don't read the Republic much, do you? Instead of actual numbers we get all manner of obfuscation, scary anecdotes,\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/100\/the-sky-is-always-falling-except-when-it-isnt\/","url_meta":{"origin":3060,"position":3},"title":"The sky is always falling — except when it isn’t…","author":"Greg Swann","date":"July 18, 2006","format":false,"excerpt":"Foreclosures are up in Arizona for the first six months of 2006, as compared with the last six months of 2005. The will be cause for sustained gloating at the Arizona Republic, so here is the real news, from the Business Journal of Phoenix, before it goes through the Spin\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5965,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5965\/seriously-whos-a-better-risk-for-a-mortgage-than-someone-who-has-already-lost-a-home-to-foreclosure\/","url_meta":{"origin":3060,"position":4},"title":"Seriously,\u00a0who’s a better risk for a mortgage than someone who has already lost a home to foreclosure?","author":"Greg Swann","date":"December 6, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Seriously, who's a better risk for a mortgage than someone who has already lost a home to foreclosure? We talked last week about credit flexibility among merchants as they try to find ways around the banking crunch.\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5613,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5613\/a-workout-loan-can-be-a-win-win-solution-to-avoiding-foreclosure\/","url_meta":{"origin":3060,"position":5},"title":"A workout loan can be a win-win solution to avoiding foreclosure","author":"Greg Swann","date":"November 15, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0A workout loan can be a win-win solution to avoiding foreclosure We talked last week about lender \"workout\" loans -- a scheme lenders have come up to keep homes from falling into foreclosure. The premise is simple:\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=3060"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3060\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=3060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=3060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=3060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}