What will your responses be when things get really complicated? Who will you blame when you've invested six months and the sales fails when the SELLER (homeowner) rejects the banks offer? You have only a 30% chance of closing on a short sale. Your agent can share with you the profile of the 'most likely to succeed' but you refuse to listen.
Are you sure you are cut out for a short sale?
Legally your agent shouldn't be putting offers on more than one property at a time unless she is informing the listing agent on the first property. You and the agent can be sued if by chance your offers were excepted on both properties. Your agent shouldn't be pushing you to buy something that you don't want. That is also illegal. You should have gotten a confirmation on your offer from the sellers accepting your offer on either or both properties but again, both listing agents should be formed that you are looking at multiple properties which may the seller not want to accept your offer. Legally (not advising as a lawyer of course)you should decide which home you truly want and either have your agent confirm with an acceptance from the sellers that they will be submitting your offer to the banks. If that isn't happening, your offer may not have been accepted. The only way you will know for sure if your offer was accepted is call the listing agent and she or he will let you know that they did or did not accept your offer which you have the legal right to do. It is frowned upon but you should choose a realtor you truly have faith in that is doing what is best for you not for the realtor. This isn't just about us getting a commission, this is about doing everything for our clients! If you feel that they are doing what you ask, you may question if you have the righ realtor.
Lillie Missbrenner, Realtor
Short Sale Speicalist, REO and HAFA certified
Better Homes and Garden Previously Prudential California Realty
Good luck, short sales are long and difficult, make sure you are prepared for them.
I have to add offers that are NOT accepted is not an offer accepted... you are able to put offers on any property. Short sells are so different if your deposit is not even considered or escrow is even opened the offer is in a sort of limbo it is not illegal if you have not had an offer accepted by ALL PARTIES read the short sell addendum and go over this with your agent and/or attorney.
Denise A. Szyszlo Realtor
Office:: (408) 369-2000 x319
Mobile: (408) 768-7097
Fax: (888) 334-0888
You can check if an offer was SUBMITTED by calling the listing agent and asking (just google the property address and you should find the listing agent's info). You will know that an offer is ACCEPTED because you'll get a copy of the offer with the seller's signatures.
I agree with most of what my colleagues said below.
However, I think an important distinction is not being made when placing multiple offers. It is NOT ILLEGAL (this is not legal advice) to place two offers on two different homes. If a buyer is capable of purchasing two homes simultaneously, then more power to em! Now, if you are only financially capable, and only intend on purchasing 1 property, then you should heed the warnings below when having 2 offers out at the same time.
Hope that helps, happy hunting!
Normally, when you put in a short sale in Colorado, the Seller will sign the offer before the listing agent sends it off to the bank. Ask your agent for a Seller-signed copy. You have a right to that. Be sure you have the right language in your Short Sale Agreement to save your Earnest Money and also have the right to walk away from the first offer after a certain period of time. Best of success.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Gteam Real Estate
Intero Real Estate
As the others have already mentioned, there's a couple of ways to get acknowledgment for this and any offer. First, and perhaps the easiest as Terri already mentioned, is to have the listing agent acknowledge receipt of the offer in an email, fax or by a letter. The second is to get a signed acknowledgement on the contract (Page 8 as CJ pointed out below). Finally, if you really think that the offer was not submitted, you can always contact the listing agent yourself--the agent's name and contact information will be on the MLS listing and paperwork you probably picked up when you toured the home.
I think it is extremely important to take note of Terri's point--that is, you need to decide which of the two homes you really want and stick wth that one home. If your offer is accepted for both homes A and B, you could find yourself having to buy both homes. Unless you were planning to own and buy two homes, and it sounds as if you are not in the market for multiple properties, you should cancel the first purchase contract and stick with the second. Closing or not on the second home depends, as I mentioned in a previous question of yours, on the skills of the listing agent rather than that of your own agent.
Of greater interest to me, Bambi, is finding out why your Realtor felt that the second home could not be closed. Is the first home's short sale with a bank that regularly approves short sales? Is the second home trying to short sale with two lenders on the home? Is the second home's bank not known to approve short sales? These are important questions you need to ask in order to determine if you have even a "snowball's chance" (to use my holiday terminology) of closing escrow on this home. I know you love House B, but if its with, for example, Chase Bank and two other lenders, well, I would not hold my breath on closing that deal without a lot of Christmas magic.
So, as always, talk with your Realtor about this process and ferret out why the Realtor is looking to the first home rather than the second home for you to purchase. If, as I suspect, you aren't entirely satisfied with your agent or the agent's answers, you need to ask the Realtor's broker for assistance in getting you a representative that you can trust and who can and will represent your best interests in this transaction.
Area Pro Realty-People's Choice
First, I would let your agent know, you would like some proof that she presented the offer. If you are not feeling confident in her support of your strategy, discuss it now. Assuming your agent is using the California Association of Realtors form, you can request that the presentation offer section on page 8 is complete.
But that would be almost unbelievable; not only does she deserve the benefit of the doubt, but it would be ridiculous for her to sit on it, and then lie about it. It would serve no purpose and probably would come out in the end.
Understand that the odds of completing a Shortsale are only about 10-15% and so the odds that both will come through must be less than 1%!!
What I'm saying is; this is probably much-ado-about-nothing, because you may not get either.
No matter what happens, you have to ask yourself if you trust her, or not?
Good luck and may God bless
Question what happens if you get both? Make sure you read and understand what you signed on each offer. Writing an other on two different homes can have financial consequences.
You can always ask her to get a confirmation from the listing agent that they are in receipt of your offer.