All good points are made by my fellow brokers.
Keep in mind that the short sale format puts the buyer at a huge disadvantage.
For example: Most say sold as is and must be approved by a third party and no changes are allowed to the P& S that they prepare. Which I think is technically illegal. Based on all contracts are supposed to be bi-lateral, meaning you have the right to ask for things to be added/deleted and the seller has the same.
In a normal transaction you and the seller have those give and take exchanges.
It is simply not an environment I would like to do business in. You wait for months all for nothing.
It is kind of like you have to totally commit to the selling party and you have to wait around for months and they still have the right to tell you to get lost.
Look for a real deal, not bank owned.
You would have had your property by now.
Sorry to hear your experience. Your agent can make a formal complaint against the isting agent this would be in the form of an ethics violation - field with the MA Realtor. You can make a complaint as well.
Here is the scoop - If the listing realtor found a buyer on his own - (NO BUYERS AGENT) he gets to keep 100% of the commission. Even if your offer was better. We would like to believe that all realtors are ethical but, not is not always the case. The other issue maybe that the accepted offer may have had a better down payment or a stronger credit history. It's hard to tell when there is no forthcoming infomation from the listing agent.
You are right that there isn't much that your agent can do more than a strongly worded letter, there could be a multitude of reasons why your offer wasn't responded to. Was the amount listed for the amount the lender approved? Any less than that and the lender doesn't have to reply, if you're lucky you get a reply that's their bottom line and you have to be prepared to accept those terms or they will move on to the next offer without warning. The lenders are also looking for the best terms, and the best qualified buyer with the highest liklihood of closing quickly. It's not of much condolence but the short sale are some of the most challenging sales out there, especially if you are trying to coordinate multiple sales to get to purchase. There are chances you might have been one of multiple offers they considered or had on hold to review. The lender crafts their listing agreements for bank owned and terms for short sale acceptance mainly in their favor and without changes to simplify everything for their benefit. You might check to see who represented the buyer for the property when it closes and what were the terms and price of the actual sale. You may never know what exactly happened though.
Good luck in your search,
Unfortunately, yes this does happen often and not all agents handle short sales the same way. I wrote a blog on this recently http://www.trulia.com/blog/michael_giles/2009/09/no_deadline
There are some red flags to look for as a buyer that may give you a better success rate. They are almost impossible to bullet proof. But a Listing Agent that doesn't communicate is never a good sign.
Having a professional negotiator to work with the bank is a huge advantage. This is all that these people do and they have the systems in place make the process easier. Best of Luck!
I think something wrong in this transaction may the agent did not follow up
the offer especially this is Short Sale . When you submit the offer the
other agent he should tell you that offer was forwarded to the lender/Bank so
that you know exactly what is going on.. This lack of communication that is why you
did not get the offer. And the other hand also some agent are trying to double
end the transaction. or may be the listing is below the market value that why
you did not get the offer and sold it to samebody else.