Home Buying in 59714>Question Details

Actionrealty, Both Buyer and Seller in 59714

If a house is listed as a short sale, is the realtor obligated to show all offers to the bank?

Asked by Actionrealty, 59714 Sat Aug 4, 2012

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Luci Edwards’ answer
As a Short Sale Specialist, I will say no, I also work with Bank of America and they only agree to see one offer at the time. I hold the other offers as back offers, in case the first offer don't go through, I have the backoffers to work with. But often the first one is the ONE.
Please feel free to contact me by text, email or phone...also feel free to visit my website at http://www.viewbozemanrealestate.com
Have a wonderful day!
0 votes Thank Flag Link Tue Dec 18, 2012
By my calculations using federal statistics, only 3-4% of troubled loans end up as successfully closed short sales. Weigh it out, are you willing to wait 6 months and then start over? What will interest rates do while you are hanging in there?

Ask the listing Realtor how many short sales they have actually closed this year, ask for addresses then look up the transactions, how did the sale price compare to market value? Tight?

A better question, ask your loan officer how many short sales they have financed this year. Food for thought, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Sat Aug 4, 2012
No.....only offers accepted by the owner will eventually make their way to the lender for consideration. When multiple offers exist on a "short sale" it's the owner that negotiates the price and terms of the contract not the lender.

With this said, it's fairly common for a desirable property to have one or more offers waiting in the background to see what happens with the initial offer.

Hope this is helpful.

Bill
0 votes Thank Flag Link Sat Aug 4, 2012
Why do you ask this question? What are you trying to accomplish? When I know the answer to those two questions I will answer your question.
0 votes Thank Flag Link Sat Aug 4, 2012
It depends, if this is a HAFA short sale (Home Affordable Foreclosure Alternative) then the realtor is obligated to show all offers to the bank, otherwise, no.
0 votes Thank Flag Link Sat Aug 4, 2012
All offers are shown to the seller and their selection is sent to the lender. the bank is not the seller but has to agree to the price, terms, and conditions of the purchase contract. I do a lot of work with Bank of America and can only submit one offer into their online system.
0 votes Thank Flag Link Sat Aug 4, 2012
No, because the bank is not the seller. Sometimes the Realtor will submit multiple accepted offers if the bank had not approved prior offers.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Aug 4, 2012
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