RE: CTG Investments - New ThreadCreated by:
Date: January 14, 2011, Number of Replies: 0
I have an offer on my desk from CTG Investments on a short sale listing of mine.
This company after reviewing the information provided by the Seller in CTG's questionnaire makes a "normal" offer with Calif. Assoc of Realtor docs. The offered price is substantially below the listed price. CTG handles the SS negotiations with the bank, the end goal of which is to resell the property for a profit. It is structured as an A to B, B to C transaction.
As soon as CTG's offer is accepted, they become the negotiator with the bank and at the same time they record an "Option for Purchase and Sale" which gives them the right to market, list and resell the property immediately for a profit. (All of that is disclosed in the Purchase Agreement & Addenda)
They rely on a lowball offer. My listed price is $495k, their offer is for $340k. CTG has indicated that they might increase to $370k but this rural property might require some major fix-up. To my knowledge they have not seen the property.
Their strategy is that the seller doesn't care what the price is so seller will usually sign.
Has anyone had experience with this company?
John F. DuPriest
Realtor®, Lic #527627 e-PRO CDPE
Keller Williams Realty
548 Gibson Dr. Ste 200
Roseville, CA 95678
Direct: 916/933-2185, FAX: 916/663-9366
Full time Real Estate Broker in the greater Sacramento
area and the beautiful Sierra foothills since 1972.