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John Haywood, Home Buyer in Miami, FL

Agent is beating around the bush! Does any one has any clue if this property has a Contract or Not?

Asked by John Haywood, Miami, FL Sat Jan 10, 2009

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This question is about this property: http://www.trulia.com/property/1071395506-11304-Sw-157th-Ter…

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John with a short sale, many agents are not familiar with the fact that the bank requires the listing agent to submit all offers as they come in even though the seller has signed one. the seller needs to sign them all and include a short sale discloure that the sale is contongent upon approval by the lender. the lender will then choose the best offfer. tthe seller and the agent do not choose, it is the bank. It is more work for the agent as they have to include a net sheet with each offer. Now if the offer is lower than an offer already submitted then the agent needs to tell all offers that there is a higher offer and have them choose whether they want to put in a new and higher or best offer. Each time an offer comes in this needs to be done. it is not easy and not fun for anyone. i would recommend to you, that you get a buyer broker who is experienced in short sales. Hiring a buyer broker should not cost you anything out of pocket as they get paid the fee offered in mls and paid at closing by the listing broker. This way you have someone looking out for you and can assist you through each step of the buying [process. . . Good luck with your search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jan 10, 2009
With short sales the old old addage of "you can get things good, you can get things fast, and you can get things cheap, but you can't get all 3 at the same time" really applies. Short sales are like moving targets and the banks usually price the homes to get multiple offers. Patience is a must! (unfortunately)

Best of luck.

George Cadman
ERA South Dade Realty
0 votes Thank Flag Link Sat Jan 10, 2009
John, another thing to remember is that with short sales, more often than with conventional sales, a contract might be accepted but not finalized, and the property will still show "active" in the MLS, rather than "pending sale."
Short sales are murky and unpredictable. Good luck!
0 votes Thank Flag Link Sat Jan 10, 2009
Hi John,
Property is a Short Sale, so my guess is that they have had offers and they are waiting for a response from lender. My experience with SS has been if it's a large lender that holds the note, most have been commited to a price (already sold off).
If your not getting a response from agent, chances are it has multible offers and lender is considering one of them.
Best of luck,
J
0 votes Thank Flag Link Sat Jan 10, 2009
when you've called did you ask the agent if there is an accepted offer on the property? I would also reccomend finding an agent in your area that can sign you up for the emails through MLS, MLS will let you know if it is under agreement or not.

Best of luck
0 votes Thank Flag Link Sat Jan 10, 2009
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