Mike’s Real Estate Show

 The following was asked of other agents by another agent who is obviously ticked that she cannot get them to agree to a “Short-Sale” so she can get PAID!! I find the question absurd! Here is her question followed by MY reponse!!

Her Question: Short Sales, Are Banks opening them self up to a law suit or Class Action suit?
In a declining Market, a homeowner contracts with me to sell their property. I participate in the local MLS and offer a co-broke to a buyers agent, which is another contract. I list their property and some weeks or months later the bank(s) say “ok” but the “the agents involved in the transactions are going to lower their commission”, It dawned on me, a third party, the bank, is interfering with my contract with the Seller and my contract with the co-broker.
If this is happening to you,? If I understand a little contract law “conduct interferes with another’s economic advantage or expectations, they have committed a business tort”

My reply:

 

Manny, let me understand this–you’re taking a contract to a lender who had a “promissory note” signed by YOUR SELLER, to PAY THEM, now you go back and say, “We aren’t going to pay you as agreed, As a matter of fact we want YOU, Mr. lender, to take LESS than the amount we actually agreed to pay YOU for the MONEY you gave the seller so we could move in. And yes, we realize we have not made any payments now for 3 months and sure, we are adults and did SIGN all those papers you gave us with all those strange numbers and stuff. Did we read them? Well no, but you guys are just charging us too much money to live here. So, we want you to take $50,000, no $100,000, no $200,000 less on our loan so we can get out of here with our credit not too badly dinged so we can go out and buy another house in a couple of years.”
Now YOU think they are interfering with your ability to make a commission!!!!!! This market is getting more bizarre by the minute!! Gee, it “dawned on me” they are intering “with another’s economic advantage”??!!!
I personally want to thank you for giving me at least a 1/2 an hour on my local radio show to talk about one agent’s perspective on how all these pesky lenders are interfering with her right to to an “economic advantage”. Good lord! Don’t worry Manny, I won’t mention your name but do you realy see the absurdity of your statement?