Home Buying in Romeo>Question Details

Duco, Home Buyer in Romeo, MI

I put a bid in on a short sale. My agent told us that the listing agent and the home owner didn't even present the offer to the bank. Is that?

Asked by Duco, Romeo, MI Mon Oct 5, 2009

normal? I thought they had to present all offers.

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4
Difficult render an opinion unless all facts are presented. However bank could have their own regulations of not present any offers unless $xxx,xxx in value or above. Many submit low ball offers it does waste time for all parties involved.

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0 votes Thank Flag Link Thu Oct 8, 2009
This is indeed normal....in a "short sale" there needs to be agreement from both the seller and the bank on the actual sale price of the home. It would appear that the owners were not willing to accept your offer price. They may have recieved a second or third higher price that they decided to go with....

All offers need to be presented to the owner....since the bank is secondary in this situation...as long as the agent presented the offer to the owner his/her obligation was fulfilled.

Wouldn't it have been nice it they had informed you of the direction they were taking?
0 votes Thank Flag Link Tue Oct 6, 2009
Presenting an offer can be as simple as a phone call, did your agent get the sellers signature on your offer and then have you bottom line it? If not the seller may have simply dismissed it with out a counter offer, it depends on your offer.
0 votes Thank Flag Link Mon Oct 5, 2009
Yes, listing agents have to present all offers to the SELLER. The seller then, if there were multiple offers, accepts one, usually the one that shows the highest return for the banks. That one accepted offer is submitted to the bank. The bank/leanholder is only working with one offer, on which they will base the short sale approval. The rest of the offersstays with the listing agent and are labeled as back up offer #1, 2, 3, and so on. At least this how some of the listing agents here in Tracy, Ca are handling the short sales. Bottom line is that the seller can only accept one offer. I hope this helped a bit.

Kindest regards,
Eva Bradley
0 votes Thank Flag Link Mon Oct 5, 2009
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