Cynthia,

We are NOT taking sides on an issue of this nature however, it is imoprtant that the information you are "holding to" is accurate information.

The truth be known there are a number of ways this situation could have evolved with one of them being, the bank's frequent ability to lose important documents. If you were to interview agents that have presented "short sale" offers to banks you would find an alarming number that would report to you they have had experiences involving banks that have misplaced their doucmentation.

This may, or may not be the case with your sinerio, but we would not rule it out.

Our recommendation is for you to be certain your information is accurate and you can provide proof of it.

This scenario is happening all the time. The first and not necessarily the best offer is what makes it to the bank for the short sale approval. The bank can reject that offer if they feel it is too low, or they can counter offer some terms. Many times the seller's bank will not know about other offers the listing agent may be holding in "backup" position should the first offer not get ratified.

It is also confusing in the MLS since many homes remain in Active status but buyer's agents are asked not to show it, or the listing agent indicates they don't want any more offers.

I agree with Vicki that the listing agent represents the seller and is not obligated to present all offers to the seller's lender(s). The seller's bank(s) makes their own decision about what they will accept. If the seller's lender(s) requested additional offers, which might have been held by the listing agent as backups, and then they were not presented, you may have an issue there.

Did you ever get your purchase contract signed by the seller and retain a copy? Without that, your offer was basically rejected by the seller since you don't have written acceptance.

I know this is not what you want to hear, but the bank is not the seller in a short sale. They must approve the sale, but they are not the seller and therefore all offers do not need to be presented to them, no matter what they "feel" or wish. The previous owner is the one that would have directed the agent to present, or not present, the offer to the bank; not you and not the bank. Agents take their direction SOLEY from their client.

If the agent did not present the offer to the seller, that is a problem. However, you said nothing about that. Nothing in this posting leads me to believe that the bank was defrauded. The bank got an offer, they approved it. Nothing in this posting supports that you were defrauded - I understand your feelings, however, the seller is the seller and has the right not to sell to you for any reason.

People are being disappointed all the time on short sales. The system is broken, and I wish you the best of luck. Find a good real estate attorney, but it may just cost you more. Better yet, go find another home to buy.
Good luck,
Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve

Bill

Its the truth and I know based on 25 years in the secondary, primary and capital markets. My purpose for comming to Trulia was to give realtors who want to use this time to grow a chance to understand somthing most in congress do not understand. Youll need an advantage!

First 60 minutes, then Goodmorning America and now NY Times. Go to U Tube and now look at the army or experts now breaking it down for us. Where do they all come from - a $500 press release of course.

My in ability to get through to folks for over 6 month was an error and poor judgement here. I've been challenged and discredited time and time again. Why - Ill look in the mirror and try to figure it out while you folks reconsider! Its a con of mega proportions.

But do pay attention and start to challange the sysytem that has in fact bankrupted America

Regards

msoliman

What is it the attorney will tell you Gents.

Ask for the lender yourself before obtaining counse - maybe is that what you want to say!
1) Are you the holder in due course?
2) If not what is your iinerest in teh delinquent asset?
3) What are the terms for yur repurchase?
4) Who is authorized to commit to a price and closing prior to Trustee Sale
5)Is there an incentive for you to avoid a sale to any party?
6)Does the note provde the leder a right ot nominee at time of sale?

Just answering to answer is puzzeling to me and sometimes can defeat the purpose!

MSoliman

Cynthia,
You do need to consult a real estate attorney. I would take all the documentation that you have with you. There are ethics envolved also. Definitely I would follow up. In North Carolina an agent "has to" present ALL offers to their clients. I do not know California real estate law though so find a good real estate attorney.

Hope this helps,

VICKEY THANK YOU OUTSTANDING ANSWER---TEN THUMBS FOR VICKY. LET NAY SAYER AND LONG ISLAND SKEPTICS RUN FOR COVER - THE NOTES ARE LOST! THE LENDER IS NOT A LENDER

NO AND THIS IS THE FRAUD WE SPOKE OF. THE NOTE ACCORDING TO THE NY TIMES IS LOST AND THE LENDERS KNOW THIS. THE RECOURSE FOR THE LOAN BEING SOLD AS A SHORT SALE WILL BE FAR MORE COSTLY THAN A TRUSTEE SALE AND ALTERNATIVE METHOD. DONT BELEIVE ANYONE WHO DISPUTES THIS UNTILL YOU CALL AN ATTORNEY. CALL THE RED CROSS, CALL THE NAVY CALL THE WWF AND VINCE MCMAHON DO SOMTHING NOW!