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Dave Moran, Home Buyer in

What's the deal on this one? We put in an offer and they won't give it to the bank?

Asked by Dave Moran, Thu Oct 23, 2008

On a short sale, is the broker obligated to forward any and all offers to the bank and sellers? I was under the impression that the sellers would want to know of any and all offers that are out there.
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This question is about this property: http://www.trulia.com/property/1053561851-3523-NW-26th-Ave-C…

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Duke Hayes’ answer
Hi Dave,

Yes they are.

Having said that, short sales are in a world of their own. The seller must approve your offer but will usually accept anything. That's when their lender or lenders, in the case of 2nds or more, step in to approve your offer. This can take very long periods of time with no guarrantee that you will ever get an answer. Very few actually close. The shortest I've ever been a part of was 2 months on a small townhome, the longest upwards of 6 mos. with one closing and the other , my buyer decided to move on after getting nothing back.

Short sales are for those that have a LOT of patience and a high frustration tolerance level... are you sure that the offer hasn't been submitted, or that they are just waiting on the bank to respond?

BTW, nice home...
Web Reference: http://www.DukeHayes.com
0 votes Thank Flag Link Fri Oct 24, 2008
Hi Dave,

Yes they are.

Having said that, short sales are in a world of their own. The seller must approve your offer but will usually accept anything. That's when their lender or lenders, in the case of 2nds or more, step in to approve your offer. This can take very long periods of time with no guarrantee that you will ever get an answer. Very few actually close. The shortest I've ever been a part of was 2 months on a small townhome, the longest upwards of 6 mos. with one closing and the other , my buyer decided to move on after getting nothing back.

Short sales are for those that have a LOT of patience and a high frustration tolerance level... are you sure that the offer hasn't been submitted, or that they are just waiting on the bank to respond?

BTW, nice home...
Web Reference: http://www.DukeHayes.com
0 votes Thank Flag Link Fri Oct 24, 2008
I agree with the first agent, they are obligated to present all offers. In my experience with short sales however it is up to the homeowner to accept the offer and then present it to the bank. If the homeowner is the one not working with the bank then they must not want out of there current situation very badly. I just closed a short sale 2 weeks ago and the time frame was 6 weeks from begining to end. If you are not working with an agent or are trying to present the offer to the listing agent I can help you even though I may be out of the area fax and telephone always are a great way to communicate. My partner and I have become accustom to short sales and have knowledge of how they work. I am in allyn where are you located? If I can be of any assistance please call me at 360-551-9567 or visit me on the web at http://www.NowYouAreLiving.com
0 votes Thank Flag Link Thu Oct 23, 2008
An agent is obligated to present all offers to the seller and the bank until the time that the bank actaually agrees by signing an offer, they not only encourage but mandate all offers are submitted. if an agent is refusing to present an offer they are violating their duties as well as on teh fringe of the code of ethics and maybe even the law. good luck with working it out, short sales are tough enough without that, 9 out of 10 never close and it takes 3 to 6 months for answers.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Oct 23, 2008
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