We got a call from a divorcing man who was concerned about the provisions of a listing contract his divorce attorney had sent to him. He had good reason to be converned on a number of issues, He called the realtor who said she would make the changes to the contract...including that the offer only needed his soon to be ex-wife's approval and return the contract to him for his signature. No contract was returned and the property was listed.
Wisconsin is a marital property state and while in the strictest sense, the listing contract does not require both spouses to sign the contract, the offer does....a listing contract does not override marital property laws.
The soon to be ex husband asked me to contact his attorney with our analysis of the situation....after some investigation, we had the husband contact the bank...the house is upside down...the attorney believed there was equity because "the assesssment is so much more than the list price." Yicks !
The property is not listed as a short sale...the attorneys know it is. The realtor who listed it without the input from the man who owns half the property has never listed a short sale and never asked for the mortgage balance or if the mortgage was current.
Fairy tales are wonderful things....not when the apply to the rest of your financial/credit future. Not when a realtor has not done her due diligence to learn about the property she is barely marketing with no interior photography....Not when you don't know as a realtor is taking the sellers into foreclosure.
Thanks for sharing the story, Sally and David. What a terribly sticky mess!
I am not eager to jump into this...I am also not eager to have people in my chosen profession practice irresponsibility.
This sounds like a nightmare of a situation. Would run away fast.
Doesn't it make sense for a realtor to find out all they can about a circumstance before listing a property?
If there are higher authorities to "police" this situation...hard to know where to go first...the bar or realtor association....it reflects badly on both professions.
Is that Agent Suzy again? Short sales are not for the uninformed, or for the weak of heart! Better to refer out that be in deep water. Oh my!
She never did a net sheet.....and the attorneys are still looking for equity...with no mortgage payment made for now 11 months...good luck with that !
She never did a net sheet.....and the attorneys are still looking for equity...with no mortgage payment made for now 11 months...good luck with that !
She never did a net sheet.....and the attorneys are still looking for equity...with no mortgage payment made for now 11 months...good luck with that !
Yicks? I've got to put that word in my vocabulary. LOL. Yicks. Yicks, yicks, yicks.
It is just soooo universal...and it says it all !