Bottom line is that short sales are a mess. They are nothing like a traditional transaction and can cause a lot of grief for everyone one envolved. Short sales are a risk vs reward purchase, meaning the risk is you may not make it through the short sale at all after spending long periods of time in escrow with the reward being that if you make it through the short sale you often get a great price.
Keep your chin up and remember that short sales sometimes make no sense to any of us and expect the unexpected.
There are special addenda that are in there saying that even if your offer WAS accepted and they were going through the short sale process, if another offer comes in, the seller and selling agent are responsible to evaluate that offer and if the offer is better, to accept the offer and submit it to the bank as well.
The seller and seller's agent are protected because all short sales are "subject to lender approval." Accepting two offers is not a problem because the lender will only approve one, but they want to see all of them.
Short sales are a hastle, they are frustrating, they are confusing, they make you want to absolutely pull your hair out (if you have any left).... and they are the new real estate transaction of today unfortunately.
It's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTORÂ®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities
David is right that they were not obligated to respond to your offer as long as it wasn't signed, but the listing agent probably should have. It's also true that the best offer on a short sale isn't always the highest. A buyer who is paying cash or has a larger down payment, demonstrates a willingness to wait out the process may have an advantage over another offer.
You may be able to get yours accepted in a backup position, but I would advise you to keep your eyes open for another house.
Nothing makes sense
David Cooper Las Vegaqs Foreclosure Investor In Bank Owned REOs with Cash Flow. email or call for FREE
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