Here are the facts on this Edina Realty mess.
And by the way, Homeq - the mortgage holder - is equally nasty. But they are a giant corporation who couldn't care less about some family in Northfield, MN.
Edina Realty is a local office.
1281 Bollenbacher Drive
Northfield, MN 55057
Main: (507) 645-4491
Toll Free: (800) 646-4491
Fax: (507) 645-5109
1. If the house goes into foreclosure, Edina Realty gets the listing (although I'm going to strongly encourage Homeq to reconsider that).
2. Following a devastating job loss, we tried to sell our house for a great deal more during the summer of 2008. We had two showings in 4 months.
3. During that same time, we begged our mortgage co. to lower our principal and accept $1000 per month. They laughed at us. After lies, unanswered calls, and other insults.
4. This summer, we listed again hoping for a short sale. The listed price was right in line with area comps and about $40G's LESS than we offered the mortgage co.
4. A flurry of offers were made. We saw the highest 4 of them and sent the absolute highest on to our mortgage co.
5. Short sales need the independent appraisal, the area comps and the Broker Price Opinion (BPO) to be relatively similar.
6. Homeq made the slimy decision to use Edina Realty for the BPO. Can you say "conflict of interest"? Also, Edina sees no conflict either, and agrees to do the BPO. And by the way, no real estate office does a BPO for free.
7. Edina's BPO says the house is worth $30 - $40G's more. Big surprise. Short sale ended.
8. Homeq agrees to another independent appraisal. This appraiser agrees with the first appraiser, the comps, and the offer. But it's a moot point now. Buyer has backed off.
9. Now Edina tells us they had customers who wanted to offer more but "couldn't". WTF? And as of this date, these "offers" still have not been presented.
10. Everything in limbo although Edina has changed the locks already.
You draw your own conclusions.