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Kickback - allowed?
Hello CDCBAA:My PC here is a real estate broker who got kicked off of a listing by a bankruptcy trustee.The house has a $3.6 million mortgage. Owner is in a years-long chapter 7 bankruptcy. My broker got approval from the lender for a short sale at $2.4 million, and was working toward a motion to abandon timed propitiously around the set closing date.A Las Vegas broker called the trustee and said "hire me." She claimed that she could sell the house at the same price and get the trustee a $125,000 payment from the buyer, so the trustee would have something to administer. According to my broker, the trustee had never heard of this, but the Las Vegas broker said that this is a standard way of operating and convinced him to step in and take over the listing.Does anyone have any insight into how this is possible?- John D. Faucher818/889-8080
Hello CDCBAA: My PC here is a real estate broker who got kicked off of a listing by a bankruptcy trustee. The house has a $3.6 million mortgage. Owner is in a years-long chapter 7 bankruptcy. My broker got approval from the lender for a short sale at $2.4 million, and was working toward a motion to abandon timed propitiously around the set closing date. A Las Vegas broker called the trustee and said "hire me." She claimed that she could sell the house at the same price and get the trustee a $125,000 payment from the buyer, so the trustee would have something to administer. According to my broker, the trustee had never heard of this, but the Las Vegas broker said that this is a standard way of operating and convinced him to step in and take over the listing. Does anyone have any insight into how this is possible? - John D. Faucher 818/889-8080
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