Home Selling in Shoreline>Question Details

Steve McDona…, Real Estate Pro in Seattle, WA

Can a listing agent require that an offer that is better than an offer just accepted by the seller be rendered a back up when it's a short-sale?

Asked by Steve McDonald, Seattle, WA Mon Mar 19, 2012

1st offer accepted less than 24 hours ago and submitted to lender just today. Call to agent about new offer not returned for 24 hours. Isn't that short changing the lender who wants the most money returned?

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5
The listing agent can do whatever they want with the sellers permission. And remember this: The listing agent dopes not work for the bank, but for the seller. So, it is their best intersts that they have to keep in mind.
1 vote Thank Flag Link Mon Mar 19, 2012
How do you know the second offer is better than the first? That kind of information shouldn't be shared. That being said, some banks want to see all offers. Some banks only want to see one. Some banks only want to see the highest price offer. Some banks will take a lower offer price as priority because it has other criteria (all cash for instance) that make it a superior offer. Either way, any other offer will be put in a back up status unless the bank decides to see that second offer at which point the position can be reversed. So, yes, a listing agent can put the offers in whatever priority order the agent sees fit to benefit his or her client best.
1 vote Thank Flag Link Mon Mar 19, 2012
If you are the seller you owe it to yourself to inform the bank there is a higher offer on the table. Treat the lender like you would want to be treated if the tables were reversed. Regardless of what anyone tells you, in this type of situation, your best interest is aligned with the lender’s. If you are the agent with the higher offer, nothing says you can’t inform the lender directly of your higher offer. Good luck,
0 votes Thank Flag Link Sat Mar 24, 2012
Hi Steve,

Any time a purchase and sale agreement is signed, any purchase and sale agreement that comes in after that HAS to be a back up offer. A seller cannot sell a property twice.

Each short sale is approved for each specific buyer, so submitting several purchase and sale agreements to the lender only confuses the process.

Warm Regards,
Karen
0 votes Thank Flag Link Fri Mar 23, 2012
Agreeing with Chris below. Any offer that comes in after the first, better cash wise or not, can be placed into backup status.
0 votes Thank Flag Link Thu Mar 22, 2012
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