Home Buying in 48183>Question Details

Tommy, Home Buyer in 48183

Selling agent messed up paperwork submitted to bank on Short Sale.

Asked by Tommy, 48183 Tue Mar 23, 2010

In the process of purchasing a Short Sale. Received a phone call Thursday stating " That bank accepted your offer." Now Tuesday received a phone call stating " That the listing agent submitted paperwork that had the wrong offer on it." I have all documents with all parties signatures and with correct amount offered. Can this agent be held responsible for this error. My understanding is that is back to square one. HELP

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In any case, they probably have the language "subject to third party approval" on it, so you're likely back to square one.

Offering on short sales is "proceed at your own risk" as far as I am concerned, as MANY listing agents haven't done a single one.

I'd also advise you ask your agent to ask the other agent how many they've done and if they use a negotiator or not.

Best of luck. I can't tell you how many short sale purchasing nightmares we've gone through just like this...most of my buyers avoid short sales like the plague!
1 vote Thank Flag Link Tue Mar 23, 2010
Regardless of who messed up the paperwork, you'd need to make sure that your agent works with the selling party to correct the error. Yet, don't be so in a hurry to correct this without getting some more info.

Although you didn't mention how close the price/terms of the "accepted" offer were to yours, I'll assume that they were off enough for you to be unwilling to accept them as-is. Nevertheless, that response might have been a blessing in disguise for you. You should have your agent inquire about the BPO. If the BPO is older than 30-60 days, then have your agent to request another one. If the BPO is relatively close to your offer price, then you might be able to negotiate to get the bank to lower the price, offer some concessions, or at least meet you half-way.
0 votes Thank Flag Link Mon Apr 5, 2010
There may be some repercussion if it was a willfull error. Basically if teh bank accepted an offer on a price different from what you offered, you are back to the start so they can process teh new price. Depending on the difference in prices, if you want the hous ebad enough you bring your offer up unless you want to wait it out. The unfortanate thing is once a bank accepts an offer, they often will not accept anything lower. Your buyer agent should be guiding you through the process, soemone should have doubkle checked the paperwork before submitting, if you are going it alone you amy want to contact an attorney to review everything. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 23, 2010
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