Foreclosure in Indiana>Question Details

Esv09, Home Buyer in Indiana

Did the listing agent submit my offer to GMAC?

Asked by Esv09, Indiana Tue May 22, 2012

I recently put in an offer for a short sale through GMAC. Rumor has it the listing agent wants to purchase the home himself (and can only do so after its been listed for 90 days) is there anyway I can verify my offer was actually submitted? He told us it could take several months to hear back from GMAC, I'm fine with waiting, but would like to know I'm not waiting for nothing.

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Ron Thomas’ answer
No, there really is no way to KNOW that your offer was submitted to GMAC:

Different Banks have different procedures for submission of Offers on a Shortsale or an REO;
it may be that the Bank instructed the LISTING Agent to only submit the highest and best offer, or offers. Or they may have given him mimimum guidelines for each Offer. This would not be public knowledge.

Yes, it might take months to see the results, and you knew that going in.

The Agent deserves the benefit of the doubt; this is not a disreputable profession.

Possibly you should move on.
0 votes Thank Flag Link Tue May 22, 2012
The listing agent cannot purchase the property himself, he has a fiduciary relationship with the seller, and banks require the sale to be "arms length" meaning the buyer must not be a relative nor an agent of the seller. That doesnt mean he won't sell it to another need to check your short sale addendum to see if it allows other offers to trump yours.

You may ask for some type of written proof of the submission, such as a Welcome letter...however, he is not required to provide this confidential information.

Good luck
0 votes Thank Flag Link Tue May 22, 2012
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