realtors engaged in short sale fraud i'm shocked!

http://www.calculatedriskblog.com/2010/03/jim-realtor-on-short-sales-rampant.html

First: the buyer should find out if it is a HAFA short sale (starts April 5th). If so, the "negotiator fee" must be disclosed and be part of the agent's fee (total agent fee not to exceed 6%). From HAFA:

The amount of the real estate commission that may be paid, not to exceed 6% of the contract sales price, and notification if any portion of the commission must be paid to a contractor of the servicer that has been retained to assist the listing broker with the transaction.

As an aside, if the homeowner or buyer is an agent, they are not eligible for any commission.

Any commission that would otherwise be paid to you or the buyer must be reduced from the commission due on sale.

Second: as part of a HAFA short sale, the lender(s) must agree not to pursue a deficiency. If the lender balks on a short sale - I'd ask them about HAFA.

Third: Where are the regulators? Jim the Realtor is talking about rampant fraud in San Diego. Hello? Is anybody listening?

"There is rampant fraud and deceit being imposed by Realtors throughout the county. It's embarrassing."

w67thstreet is involved in commercial real estate.
And a couple months ago he was, what shall we call it, I don't want to say encouraging it if he was only giving some details on how it would be done, well, I guess that would be a sufficient description
w67thstreet was offering details on fraud in New York.

Wasn't this thread: http://streeteasy.com/nyc/talk/discussion/18080-its-official-the-irs-are-morons
It's official, the IRS are morons.
18 comments
w67thstreet
about 9 weeks ago
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http://www.nytimes.com/2010/01/24/business/24digi.html?hpw

seriously... i'm mid tax filing... and this article... just makes me want to put a hole in my screen.....

here I found w67th's thread:
http://streeteasy.com/nyc/talk/discussion/17221-lesson-4-mathematical-example-of-moral-hazard-why-taxpayers-r-screwed
Lesson #4. Mathematical example of moral hazard (why taxpayers r screwed)
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w67thstreet
about 3 months ago
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$2MM condo bought 12-2007, with 5% down ($100K) at risk 90% loan, 5% heloc.

Mkt in 2009, $1.8MM. Equity is toast. Owner can no longer hang on and has written off $100K. owner gets 3 friends to bid $1.4MM... goes to bank show bona-fide sale contract, says take as a short sale or take keys. Bank bites, Owner gets a kick back from the actual buyer for $100K. Bank/taxpayer is short $500K. Original owner is whole, 2nd "friend" buyer got $300K "equity" cushion to ride out storm.

multiply by millions, 1/1000 prosecution, 1/10,000 actual go to jail... no brainer... I'd do the short sale....

So much w67th commentary. There's the one about encouraging Armageddon in the middle east ... deleted.
The one about him naked around the children ... deleted. The one about him making fun of the name of a 5 year old named Aslan. The one about how w67th used to be a residential landlord engaged in lawsuits with his tenants. The one where w67th explained how he he didn't pay his last month rent. The one where he explains he likes boobies ....