How do you confirm the bank got your offer? Why on earth would the listing agent NOT submit your offer?
Your own agent should have verified that the seller's agent received your offer, so you could ask them if they did that (some don't and some offers do go astray, but it is rarely intentional).
Yes, you rely on agents to do their job but an agent can lose his license for holding back offers. It is just not worth the risk, especially when there is little advantage in it.
It frequently takes a number of days after an offer has been selected for the banks to ratify the contract â€“ some listing agents prefer to keep it marked Active during this period â€“ a practice, quite frankly, that confuses everyone. A better practice would be for the agent to mark the listing PSLA â€“ Pending Subject to Lender Approval. This category is normally reserved for short sales waiting for lender approval, however, it would also work very well for REO listings waiting for the ratified contract to return. It would help everyone understand that offers have been submitted, one has been accepted, but not yet ratified.
No one seems to do this â€“ I guess it just makes too much sense.
I was following a listing that continued to show as "active" when in fact the sellers have accepted an offer, and were just waiting for the buyers to release their contingencies. What the agent should have done was to show it as "pending show for back ups" or even "contingent" (although our rule for contingent is that this is contingent on the buyer selling his own house)
Oftentimes, the onus is on the listing agent to change the status of the MLS.
To determine the action taken, we ask that the listing agent indicate on our offer when it was presented to the seller, and if the seller rejects the offer, to sign that page. But not everyone does this.
So we are relying on good faith and goodwill.
In the case of bank-owned properties -- it may take another 3-7 days after acceptance for the bank's representative to sign/ratify the contract. Upon receipt of that written ratification, the agent should indicate the status of the property.
Luis Salas - Better Homes and Gardens. http://www.LuisSalas.com