Hiring the listing agent may not always be advisable nor permissible since the majority of the short sale lenders require an affidavit of arms-length transaction between the buyer and the seller as well as the agents. Some lenders may not want the same agent representing both the buyer and the sellers.
Hard to answer with limited information, but there is generally a lot of stuff going on behind the scenes. How far along was the first offer before you made yours? If the first offer has a good chance of succeeding, the realtor will usually not jeopardize the sale. In most cases, banks only give 1 or 2 chances for short sale offers to be presented before forcing the owner to go into foreclosure or accept a deed in lieu. There are too many factors here at play to ascertain what may have happened exactly.
I would have to agree with the Realtors who have commented below. I won't repeat the answers. Your best bet in finding a home is to hire a local San Ramon Realtor to represent YOU. Find someone who knows the area and has a good pulse of what homes are selling for. I'm sure with a little time and some hard work, you'll find another home which may or may not be a short sale.
Hope this helps.
The listing agents primary fiduciary responsibility is to the seller and the seller gor exactly what he wanted. Fairness to short sale bank does not really enter into it. They stated what they would accept and they got it so that sounds pretty fair.
Finally, yes, the seller has every right to select the buyer (other than non-arm-length sitiations). The contarcts is between the seller and the buyer. The lender is not a party to the transaction.
One more question, does seller has a say to select buyer for short sale property? What about sell to a friend, though I know there is ARM disclosure. It seemed like this is case.
Thanks for any coments.
Price isn't the only factor in a short sale. Terms are frequently what sinks or elevates a short sale offer
For example, when writing an offer on a short sale, did you/your agent
--- ask for repairs and credits? More than likely, the short sale lender won't approve there
--- ask for seller to pay for delinquent HOA fees and fines? Again, these property won't fly
--- ask for seller to pay for closing costs? And the answer is...you guessed it, probably no
--- and even if your offer was for all cash, but you asked for all kinds of concessions, more than likely your offer won't be accepted either.
On a short sale, it truly helps to have seasoned agents at both ends. This is not the time to learn on the job. If it's someone's first time, that person should look for the best possible guidance/mentor possible to help with the offer.
Good luck next time
You never know.
To wonder if the agent should practice this way might be a bit presumptuous. At the end of the day, the listing agent is responsible to the seller, not a buyer with an offer. The goal of a short sale is to put together a package that will be acceptable to the bank so that the SELLER can get out from underneath the home and the mortgage obligations. It might be hard to believe, but in some cases, it really doesnâ€™t make sense to accept the highest offer. In ALL cases, the goal is for the listing agent to secure a sale that works in the best interests of the seller and the bank. In this case, it looks like they succeeded.
So Iâ€™d say that as the seller who hired them is concerned, it seems to me like their realtor did exactly what they were hired to do.
Good Luck, Debbie Olson Sothebys international realty Debbie.firstname.lastname@example.org